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China cannot let yuan weaken over 25 pct - ex-central bank advisor
January 9, 2017 / 2:31 AM / a year ago

China cannot let yuan weaken over 25 pct - ex-central bank advisor

BEIJING, Jan 9 (Reuters) - China cannot let its yuan currency depreciate more than 25 percent against the dollar in 2017, a former advisor of China’s central bank said, according to state media.

China will continue to face pressures from capital outflows and currency depreciation in 2017, former member of the central bank’s Monetary Policy Committee Yu Yongding said, according to the Economic Information Daily.

The yuan depreciated 6.6 percent against the surging dollar in 2016, its biggest one-year loss since 1994, and is expected to weaken further this year if the dollar’s rally lasts.

Reporting by Sue-Lin Wong; Editing by Simon Cameron-Moore

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