BOK sees no shift on yuan rate for now

The Bank of Korea (BOK) said on Tuesday 17 May that China is unlikely to revalue the yuan against the US dollar anytime soon, as its economy depends largely on exports to boost growth.

"China, which targets around 8.5 per cent economic growth this year, will have to peg its currency to the greenback for the time being as its domestic private consumption is not sufficient to boost growth," the central bank said.

The BOK said China has little incentive to drop its peg and let its currency strengt

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