Signaling China was in no rush to revalue the yuan, People's Bank of China Vice Governor Wu Xiaoling said China's currency reforms would focus on market mechanisms, not establishing a new exchange rate, according to a report in the official China Securities Journal. Acknowledging the yuan had come under pressure, Wu said, "nobody can work out theoretically what is the balanced and rational exchange rate," adding that for practical purposes it was hard to pinpoint a rational level for any exchange rate.
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