Turning point: Yuan is expected to weaken further this year if the dollar’s rally lasts. – Reuters
BEIJING: The decline in China’s foreign reserves is good news in the long-run, central bank adviser Fan Gang told Bloomberg News yesterday, describing the yuan as being at a “turning point” after possibly being overvalued in recent years.
Fan said in an interview that the government’s moves to restrict capital outflows, which have fuelled a depreciation in the yuan, is to prevent rapid fluctuations in reserves, which hit near six-year lows in December.
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