People's Bank of China: Statement on exchange rate

The People's Bank of China released a statement on Thursday 21 July following the announcement that it is revaluing its currency and scraping the yuan's decade-old peg to the dollar in favour of a basket of currencies.

With a view to establish and improve the socialist market economic system in China, enable the market to fully play its role in resource allocation as well as to put in place and further strengthen the managed floating exchange rate regime based on market supply and demand, the

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