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China: People's Bank of China statement on yuan exchange-rate flexibility.
Section: Business News - The following is a reformatted version of the People's Bank of China statement on exchange-rate policy posted on the central bank's website.
China's currency, the renminbi (RMB), or yuan, has been held about 6.83 per dollar since July 2008 after the government allowed a 21 percent appreciation over the prior three years.
Further Reform the RMB Exchange Rate Regime and Enhance the RMB Exchange Rate Flexibility In view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the People's Bank of China has decided to proceed further with reform of the RMB …
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