PBOC economist: yuan may rise or fall vs currency basket in mid term-paper

A Chinese nationwide flag flutters outside the headquarters of the People’s Bank of China, the Chinese central bank, in Beijing, April 3, 2014.

Reuters/Petar Kujundzic

Individuals’s Bank of China will allow the yuan to increase or fall versus a basket of currencies in the medium term, the central bank’s chief financial expert was quoted saying by the China Business News on its site on Wednesday. “What we do, is to minimize the yuan’s short-term volatility versus the basket utilizing the mid-point pricing system as the primary thread, however will enable some degrees of gratitude or devaluation against the basket in a reasonably long period of time,” Ma Jun was priced estimate by the newspaper as saying.

Ma said that the yuan’s medium-term trend is identified by a variety of elements, including macroeconomic scenarios, market supply and need, people’s expectations and rate indexes in various countries, the newspaper estimating him as saying.

( Reporting by Samuel Shen and Brenda Goh; Modifying by Jacqueline Wong).

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