April 11, 2018 / 9:20 AM / a year ago

China central bank governor says market-determined exchange rate is working very well

People's Bank of China (PBOC) Governor Yi Gang speaks at a panel at the Boao Forum for Asia in Qionghai, Hainan province, China April 11, 2018. REUTERS/Stringer

BOAO, China (Reuters) - People’s Bank of China Governor Yi Gang said on Wednesday the country’s exchange rate mechanism had been working well and that it hadn’t intervened in currency markets for a long time.

Yi was asked by a panel moderator at the Boao Forum for Asia in Hainan province whether China would devalue its currency to counter U.S. tariffs.

In his response to the question, he said the exchange rate mechanism is “market-determined,” working very well “and will continue working very well as it is.” In the response, he did not say whether China would devalue its currency or not.

Yi also said that the yuan internationalization process will be a natural process and that China and the United States should deal with trade issues in a “rational way”.

Reporting by Beijing Monitoring Desk; Editing by Sam Holmes

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