China must choose either stable prices or currency: PBoC adviser

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One of the newest additions to the Chinese central bank's Monetary Policy Committee on Sunday said the People's Bank of China (PBoC) was sacrificing price stability by attempting to also guard the renminbi's fixed exchange rate.

Zhou Qiren, who joined the advisory committee at the end of March, told a forum that China's exchange-rate mechanism had forced the central bank to switch between right and loose policy. "China's central bank is not only the lender of last resort, but also the ultimate b

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