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China must give up control of yuan exchange rate to achieve internationalisation, central bank official says

Summary:
[unable to retrieve full-text content]China has to give up its control over the currency’s exchange rate eventually if it wants to achieve greater global use of the yuan, according to a central bank official.The yuan exchange rate will have to be determined by global market participants, and this will allow China to have free cross-border capital flows and pursue an independent monetary policy, Zhou Chengjun, director of the People’s Bank of China’s (PBOC) Finance Research Institute, said in a speech published Wednesday.“We need to…

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[unable to retrieve full-text content]
China has to give up its control over the currency’s exchange rate eventually if it wants to achieve greater global use of the yuan, according to a central bank official.The yuan exchange rate will have to be determined by global market participants, and this will allow China to have free cross-border capital flows and pursue an independent monetary policy, Zhou Chengjun, director of the People’s Bank of China’s (PBOC) Finance Research Institute, said in a speech published Wednesday.“We need to…

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