China official says not ready to revalue currency

China is not ready to revalue its currency and needs time to find a new foreign exchange regime, state media reported Monday, citing comments by government officials.

China should not "blindly revalue the yuan upward'' without making adequate preparations, Zheng Jingping, a spokesman for the National Statistics Bureau, wrote in the state-run newspaper China Business Post.

Zheng acknowledged that Beijing's tightly managed foreign exchange regime, which keep the yuan trading in a narrow band aro

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