China regulator says August yuan reform was normal conduct

Wed Oct 21, 2015 11:05pm EDT
 
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BEIJING (Reuters) - China's market-based reform of its currency regime CNY=CFXS that took place in August was a normal government conduct rather than large-scale intervention, an official at the country's foreign exchange regulator told a news conference in Beijing on Thursday.

The yuan reform would have positive effects on stabilizing cross-border capital flows in the future, while no direct connection can be seen between the currency reform and capital outflows, Wang Xiaoyi, the deputy head of the State Administration of Foreign Exchange (SAFE) said.

(Reporting by China Economics Team; Editing by Simon Cameron-Moore)

 
A clerk counts 100 Chinese yuan banknotes at a branch of China Merchants Bank in Hefei, Anhui province April 20, 2015. REUTERS/Stringer