An early victory has been won in the "blitz" of currency reform, as indicated by the central bank's briefing meeting on Thursday and the renminbi's performance in the foreign exchange market.
The assistant governor of the People's Bank of China Zhang Xiaohui said that after the market adjustment, depreciation pressure of about 3 percent has been released at one time, which shows the adjustment is basically completed.
The sudden devaluation of the renminbi last week has drawn widespread concern. But the PBOC said that that it is the result of a market-oriented exchange rate adjustment, and is not a move to simply stimulate exports, as the United States claims. Yi Gang, PBOC deputy governor and director of the State Administration of Foreign exchange, said that the exchange rate fluctuation was within expectations, and after a short run-in period, the market will return to normal status.
The Central Bank pays great attention to the exchange rate issue, and it is widely believed the moves by the central bank are meant to stabilize the market.
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