People's Bank of China Says It's No Longer In China's Interest To Buy U.S. Debt...Bloomberg
Nov. 24, 2013
IRS Launches Investigation Of Clinton Foundation
France: Government Ordered Nice Police to Lie About Attack
WATCH: Julian Assange Mocks 'NSA D*ck Pic Guy' Who Claimed Russia Behind #DNCLeaks
VIDEO: Migrant Attacks Police at Frankfurt Airport in Germany
Germany: Muslims Threaten to 'Exterminate' Nudist 'Sluts'
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.