March 10, 2019 / 4:05 AM / 9 months ago

China has exited from FX market intervention

BEIJING, March 10 (Reuters) - China’s central bank has basically exited from regular intervention on foreign exchange, and the yuan exchange rate is not a major concern when deciding monetary policy, the head of the central bank said on Sunday.

China will absolutely not use the exchange rate to boost its exports, nor will the country use exchange rates as a tool in trade frictions, People’s Bank of China (PBOC) Governor Yi Gang said at a press conference on the sidelines of the country’s annual meeting of parliament.

Yi also said China will keep the yuan basically stable, and will unwaveringly push forward financial opening up according to its own timetable and needs of reform. (Reporting by Beijing Monitoring Desk; editing by Christian Schmollinger)

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