China will not revalue yuan, central bank official says

10/5/2009 | China Daily (Beijing)

China intends to maintain its exchange rate policy, excluding revaluation for the near future, central bank official Yi Gang said. The International Monetary Fund said the yuan is undervalued. The Chinese government is in the process of reforming its exchange rate system to allow the yuan to move more flexibly, officials said, but there will be no action that would push up the yuan's value against other major currencies.

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China Daily (Beijing)

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