China regulator says August yuan reform was normal conduct

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China’s market-based reform of its currency regime CNY=CFXS that took place in August was a normal government conduct rather than large-scale intervention, an official at the country’s foreign exchange regulator told a news conference in Beijing on Thursday.

The yuan reform would have positive effects on stabilizing cross-border capital flows in the future, while no direct connection can be seen between the currency reform and capital outflows, Wang Xiaoyi, the deputy head of the State Administration of Foreign Exchange (SAFE) said.

 

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