China PBOC's Yi says stronger yuan attests to currency reforms

WASHINGTON, July 11 Thu Jul 11, 2013 4:01pm EDT

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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.

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