PBoC has ‘by and large’ ended FX intervention, says governor

But Yi Gang declines to give a timeline for full renminbi convertibility

Yi Gang
Yi Gang speaking at the World Economic Forum
Photo: World Economic Forum

Yi Gang, governor of the People’s Bank of China, said the central bank has by and large ended regular foreign exchange intervention.

The renminbi exchange rate is determined by the market, Yi said in a speech at the Peterson Institute for International Economics in Washington, DC, on April 15. He added that China has been pursuing market-oriented exchange rate reform for many years.

A slide in Yi’s presentation said “in recent years, PBoC has by and large exited from regular intervention”.


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