Economic review

Exchange rate to be more flexible

2017-09-14 09:51:00 (Beijing Time)         Global Times

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The yuan exchange rate will be more "flexible" and will move toward a market-oriented mechanism, Lu Lei, deputy director general of the State Administration of Foreign Exchange, said at a panel discussion in Beijing on Wednesday, according to news website ifeng.com.

In the future, an ideal situation would be that "the yuan's exchange rate in the global market is united, and there will be no major price difference between the onshore and offshore yuan market," Lu said, noting that this would curb cross-border capital flows that take advantage of price differences.