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China central bank official defends rapid use of foreign reserves to keep yuan steady

Thursday, January 26, 2017 - 05:50

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Mr Yi said the yuan's inclusion in the International Monetary Fund's basket of reserve currencies known as Special Drawing Rights has brought "profound changes" for the currency.

Beijing

A SENIOR official at China's central bank has defended authorities' rapid use of foreign exchange reserves to keep the yuan currency stable, saying the benefits "outweighed the drawbacks", according to a state newspaper.

"The use of foreign reserves has kept the yuan stable

sentifi.com

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