China report says efforts stepped up on yuan

The People's Bank of China said in its annual report on Tuesday 14 Juneit had stepped up its efforts to set up a more flexible foreign exchange mechanism due to fears capital being held overseas could flood back into the country.

Some of the capital that has left the country in the past decade is "unstable,'' and could shift back into China "at any time, putting pressure on the Chinese exchange rate mechanism, creating havoc in domestic financial markets and insidiously affecting financial

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