HKMA's Yam says yuan likely fixed for long time

Joseph Yam, chief executive of the Hong Kong Monetary Authority, said in a speech that China is unlikely to relax controls that keep its currency tied closely to the US dollar until after it manages a soft landing for its overheated economy.

Click here to read the speech by Joseph Yam on the HKMA's website

"Even though flexibility in the renminbi exchange rate is the declared intention, I don't think you'll see it until after this soft landing is achieved because it's a long-term issue," he said

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