Central Banking

China cb adviser says revaluation buys time

Yu Yongding, a member of China's central bank monetary policy committee said in remarks published Monday 25 July that last week's 2.1 percent revaluation of the yuan and an accompanying shift to a managed float buy time for China.

''In the short term, pressure for yuan appreciation will increase further. The change to the currency regime and the small appreciation of the yuan cannot solve China's economic imbalances and the problems of the economy,'' Yu was quoted by the China Securities Journ