Zhou Xiaochuan, governor of the People’s Bank of China, told G20 finance ministers that China’s recent equities and exchange-rate volatility is nearly at an end, The Financial Times reported, citing a paraphrased transcript issued by the central bank. “At present, the exchange rate of the renminbi against the dollar is stabilizing, the correction in the stock market is already mostly over and the financial markets show hope for stabilizing,” Zhou said. “Following the correction, levels of leverage are clearly lower and there has been no notable effect on the real economy,” he added.
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