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China not planning more yuan revaluations
China will not adjust its currency's exchange rate through another revaluation, a senior central bank official said Thursday, responding to questions about speculation over such a move, the Associated Press reported. Yi Gang, an assistant to the governor of the People's Bank of China, Zhou Xiaochuan, said Beijing was confident it can keep the yuan stable while allowing it to adjust gradually to market pressures under what it calls a "managed floating regime." "The exchange rate would continue to be set by the managed floating regime rather than by official revaluation," Yi told Dow Jones Newswires on the sidelines of a financial conference. Other Chinese officials have also stressed that Beijing plans no more revaluations following a July 21 move that shifted the yuan's value against the U.S. dollar by 2.1 percent to 8.11 yuan per dollar. With that move, China began linking the yuan to a basket of currencies of its major trading partners instead of just the dollar. The yuan rose against the dollar Thursday, closing at 8.0887 — its highest level since the July 21 revaluation. The yuan closed at 8.0912 on Wednesday.
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