Chinese economy still on steady growth path, says ADB chief
He adds that though Chinese stock prices have fallen significantly, they are still higher than months ago
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Tokyo
ASIAN Development Bank (ADB) president Takehiko Nakao on Wednesday backed China's recent devaluation of the yuan, saying that the move had brought the Chinese currency to near its "real market value".
In his statement in a Yokohama seminar that echoed the recent backing for China's move by the International Monetary Fund (IMF), he sought to put the China situation into perspective as financial markets continued to suffer turbulence over fears about the stability of the world's second largest economy.
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