Don't backtrack on yuan liberalization, US official warns

A senior US Treasury official warned China against backtracking on its plans to move toward a market-determined yuan, Bloomberg reported, citing a comment the official made on Monday on condition of anonymity. China’s central bank allowed the yuan to depreciate before widening the exchange-rate band on March 17, a move to give market forces greater influence over the exchange rate. The yuan has continued to weaken since then. Signs that Beijing intends to revive currency controls to devalue the yuan would provoke serious concern, the official said.