PBOC rules out 2nd revaluation - reports

The People's Bank of China has ruled out a second revaluation of its currency, but plans broader reform of its interest rates, including a simplification of deposit rates, local media said on Wednesday 15 February.

Beijing Business Today cited the People's Bank of China (PBOC) vice-governor Wu Xiaoling as saying yesterday that China will not make a one-off adjustment to the yuan exchange rate, attributing the recent rapid rise in the currency's value to market forces.

Wu said that China will keep

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