PBOC said no change to yuan's exchange rate system, stressed stabilizing prices, maintaining financial stability

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China has no plans to change its exchange rate mechanism, one of its deputy governors said on Sunday, dismissing speculation that the yuan might be allowed to move more freely against other currencies.

The existing managed floating exchange rate system was is a suitable arrangement for China for now and in the foreseeable future, Liu Guoqiang said in a statement on the People’s Bank of China (PBOC)’s website.

Two-way fluctuations, either appreciation or depreciation, of the yuan will become the norm in the future, with the yuan exchange rate continuing to depend . . .

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