Central Banking

Statement by People's Bank of China on yuan

The People's Bank of China issued a statement on Tuesday 26 July which played down market speculation of further rises of the yuan after last week's 2.1-percent yuan revaluation.

The reform of the renminbi (yuan) formation mechanism has received wide attention and full understanding from both domestic and foreign media.

But some foreign media have created misunderstanding about the content of the reform, in particular the adjustment of the trading price between the yuan and dollar, and even mis