Official says China won't take part in currency wars
By Wang Xiaotian | China Daily | Updated: 2013-03-13 07:31
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A currency exchange service outlet in Hangzhou, Zhejiang province. Yi Gang, the central bank's deputy governor, last week urged major economies to avoid the competitive devaluation of their currencies. Provided to China Daily |
China won't engage in any "currency wars" by depreciating the value of the yuan through monetary easing policies to shore up the economy, as some major economies have done, said a former deputy central bank governor on Tuesday.
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