PBOC chief repeats gradualist approach on yuan

The head of the People's Bank of China has reiterated, through use of an old saying, that the government will take a gradual and careful approach to exchange rate reform.

People's Bank of China Governor Zhou Xiaochuan was quoted by Xinhua news agency as likening the country's approach to exchange rate reform to "crossing the river by feeling the stones," citing a Chinese aphorism intended to suggest a gradualist and cautious approach.

Zhou said the central bank needs to observe the impact of pr

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