PBoC vows to keep currency stable
Yi says renminbi is at an appropriate level after it breaks ‘7:1’ against the dollar
China’s central bank chief says he is confident the Chinese authorities can keep the renminbi stable, hours after the currency broke through seven yuan per US dollar for the first time since 2008.
“This fluctuation is driven and determined by the market,” Yi Gang, governor of the People’s Bank of China (PBoC), said in a statement on late Monday (August 5). “The current RMB exchange rate is at an appropriate level, whether in terms of the fundamentals of the Chinese economy or the balance of
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