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The bank guides the renminbi exchange rate, which American politicians and investors are fixated on.
"The trade surplus is not caused by the renminbi exchange rate," he said.
China did not play the currency market to lower the renminbi exchange rate.
There is no need to panic, despite psychological effects on the Chinese stock markets and on the renminbi exchange rate.
"The renminbi exchange rate is gradually achieving a more balanced and reasonable level," the central bank said in a statement.
"Currently there is no basis for the renminbi exchange rate to continue to depreciate," PBoC assistant governor Zhang Xiaohui said on Thursday.
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And it drags along third countries whose own currencies are affected by the dollar-renminbi exchange rate.
BEIJING — China will press ahead with currency overhauls to allow more flexibility in the renminbi's exchange rate, while maintaining a relatively steady value, a senior central bank official said Wednesday.
BEIJING — China reaffirmed its determination Thursday to hold down the renminbi's exchange rate to help its beleaguered exporters.
Separately, the managing director of the International Monetary Fund, Dominique Strauss-Kahn, also said the renminbi's exchange rate was too low.
In addition, the department said in a semiannual report that China promised at two high-level meetings last month to make the renminbi's exchange rate more flexible.
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