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China should closely monitor short-term capital inflows, yuan’s sharp appreciation, said former PBOC official


China’s exchange rate regime does not need to be fundamentally changed, but the country should closely monitor large short-term capital inflows and the risk of a rapid yuan appreciation, said a former central bank official.

Another former central bank official warned that the sharp strengthening of the currency could bring more pressure to Chinese exporters who have already been hit by sluggish overseas demand amid the coronavirus pandemic and hurt China's economic recovery.

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