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China economist: currency not embarking on devaluation trend
August 12, 2015 / 1:40 AM / 2 years ago

China economist: currency not embarking on devaluation trend

SHANGHAI, Aug 12 (Reuters) - China’s devaluation of the yuan on Tuesday should not be seen as it embarking on a devaluation trend, the central bank’s chief economist, Ma Jun, wrote in the official People’s Daily on Wednesday.

Ma described the move as a one-off change to make the currency more market-oriented.

The central bank set its guidance rate down nearly 2 percent at 6.2298 yuan per dollar on Tuesday, its lowest point in almost three years, in what it said was a change in methodology to make the currency more responsive to market forces.

Reporting by Brenda Goh; Editing by Mark Bendeich

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