PBoC vows to keep renminbi stable

Central bank governor says yuan at appropriate level after breaking 7:1 against US dollar

Renminbi breaks 7.jpg
Breaking the barrier: China’s currency at seven yuan per US dollar for first time since 2008

China’s central bank chief says he is confident the country’s authorities can keep the renminbi stable, hours after it broke the seven yuan per US dollar barrier for the first time since 2008.

“This fluctuation is driven and determined by the market,” Yi Gang, governor of the People’s Bank of China (PBoC), said in a statement late on August 5.

“The current RMB exchange rate is at an appropriate level, whether in terms of the fundamentals of the Chinese economy or the balance of market supply

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