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China’s MOC: No Basis for Current Continuing Depreciation of RMB

2015-August-29       Source: People's Daily Online

According to the MOC, there exists no basis for continuing depreciation of the Chinese currency yuan (the RMB), and the basic stability and equilibrium level of the RMB exchange rate is determined by China’s economic fundamentals.

The Ministry of Commerce (MOC) on Friday evening released a statement in response to the impact of the RMB exchange rate on China’s businesses.

According to the MOC, there exists no basis for continuing depreciation of the Chinese currency yuan (the RMB), and the basic stability and equilibrium level of the RMB exchange rate is determined by China’s economic fundamentals.

The adjustment of the RMB exchange rate has limited impact on foreign trade, the statement said.

Editor: Nan

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