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China Confidential - Premium Investment Insight
11 September 2012

The authorities in Beijing will consider a further widening of the renminbi trading band to allow for more exchange rate flexibility, a senior official from the Chinese central bank was recently quoted as saying. Guo Jianwei, deputy director of the People's Bank of China's monetary policy department, added that the US dollar/renminbi exchange rate was approaching equilibrium level. He did not reveal a timeline as to when these changes might take place. These comments, in our view, actually signal an increasing desire on the part of policymakers in Beijing to allow further weakening of the renminbi.



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