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 have

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