China PBOC's Yi says stronger yuan attests to currency reforms
WASHINGTON, July 11
WASHINGTON, July 11 (Reuters) - The Chinese yuan's appreciation this year against a strong U.S. dollar - a nominal 2 percent, and 6 percent in real effective exchange rate terms - shows that currency reforms are taking root, People's Bank of China Deputy Governor Yi Gang said on Thursday.
"That indicates our exchange-rate reform has achieved substantial progress," Yi told reporters on the sidelines of annual U.S.-China economic talks in Washington. He said the goal of China's currency reforms remains a market-based exchange rate.