You are here

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

BT_20170126_KYYUAN26_2710810.jpg
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...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes