Monday, 16 January 2017

China should stop intervening in forex market and let yuan float

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China should stop intervening in the foreign exchange market, devalue the yuan and let it float freely to restore stability. Xiao Lisheng, a finance expert with the Chinese Academy of Social Sciences, made the remarks in an article on Monday in the official China Securities Journal amid a growing debate among the country's economists on whether authorities should let the closely-managed currency trade more freely. The yuan lost 6.6 percent against the dollar last year, the biggest annual loss since 1994.

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