China’s central bank has said it will “basically” end normal intervention in the currency markets, a more explicit commitment than it has previously made when outlining its plans to liberalise the renminbi.
The pledge by Zhou Xiaochuan, head of the People’s Bank of China, was among comments published yesterday in a public guide to the sweeping reforms that emerged from last week’s Communist party congress.
Mr Zhou was also quoted as saying that the central bank would widen the band in which it allows the renminbi to trade “in an orderly manner”, while gradually phasing out quotas for institutional investment in Chinese assets.
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