PBOC to Keep Yuan Steady Against the Dollar, Yi Gang Says

What’s new: The People’s Bank of China (PBOC) aims to keep the yuan basically steady against the U.S. dollar, leaving the market to drive small fluctuations in the exchange rate, which will benefit the economy, central bank Governor Yi Gang said.

Yi’s statement came as the Chinese currency has experienced increasingly wide swings in recent years, weakening, and then strengthening, past the psychologically important level of 7 per dollar multiple times.