No Basis For Persistent Depreciation Of Yuan: China

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Shanghai: China still has more room and tools in its monetary policy to tackle downward pressure in the economy, and its fiscal policy will be more proactive, central bank governor Zhou Xiaochuan said on Friday.

Zhou, speaking at a conference held by the Institute of International Finance in Shanghai in conjunction with a G20 meeting of central bank governors and finance ministers, also said that the direction of China’s reforms will not change, but that the pace might change.

He added that there was no basis for persistent depreciation of China’s yuan.