PBOC to take 'gradual and safe' approach on yuan

The People's Bank of China said on Saturday 6 November that it would take a "gradual and safe" approach to loosening the yuan-dollar peg, following International Monetary Fund calls to let the currency float in a wider margin.

A spokesman for the People's Bank of China quoted by the Jinrong Shibao financial daily on Saturday said China would phase in moves to make the currency exchange rate more flexible.

The bank would "adopt various measures to promote this reform gradually and safely," he said

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