PBOC's Fan says 5% p.a. yuan rise possible

People's Bank of China adviser Fan Gang said Monday 6 November in an article in the Wall Street Journal that the yuan could appreciate on average by 5 percent a year in coming years, but a more dramatic rise would be disastrous for Chinese growth and employment.

Writing in the WSJ, Fan said a revaluation would not reduce China's trade surplus with the United States and would only encourage more speculative capital inflows betting on further exchange rate gains.

"A sharp revaluation could also h

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