PBC rejects renminbi revaluation talk
The renminbi is currently pegged to the U.S. Dollar at a rate of 8.277 to 1. The revaluation, reported by China Business Post, would increase the exchange rate to 7.887 to 1.
"What the newspaper reported was just their own speculation. The report is groundless," a People's Bank of China official, who wished to remain anonymous, told Interfax China. "No one with the central bank made such comments and we did not issue any such information through official channels. Such revaluation will not happen in the near future."
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