Xi: Give markets bigger role in RMB exchange rate
China will allow the markets to have a greater influence on the renminbi’s exchange rate, Xi Jinping, president of China, said in the opening speech of the 19th Communist Party Congress on Wednesday.
Following the change to the onshore renminbi's (CNY) daily fixing formula in May, there were fears that regulators were tightening their grip and micro-managing the renminbi’s exchange rate.
But speaking on October 18, Xi made it clear that China is travelling in the opposite direction — it
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