October 22, 2015 / 3:08 AM / in 2 years

China regulator says August yuan reform was normal conduct

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.

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

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

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