PBOC chief says yuan move an 'initial' step

The governor of China's central bank speaking on Saturday 23 July, described last week's revaluation of the yuan as an initial step whose benefits outweighed the disadvantages.

"We made an initial 2 percent adjustment of the exchange rate level," Zhou Xiaochuan, the governor of the People's Bank of China, told state television.

"China's overall buying power has been increased, the currency is stronger and has more value. The positive effects on the economy will be much, much greater than the n

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