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China Central Bank to Continues a Managed Floating Exchange Rate Regime

China needs to follow a managed float of its exchange rate to aid restructuring, said Hu Xiaolian, deputy governor of the People’s Bank of China, in an article published on the website of the Central Bank. “A managed floating exchange rate system, which is based on market supply and demand, with reference to a basket of currencies, is a correct decision in accordance with China’s own situation and development strategy. It is also an important part of the socialist market economic system. It is China’s established policy.” 

Source: Xinhua, July 15