Is there pressure to depreciate the RMB to boost China’s flagging trade figures? That was one of the questions put to the Governor of the PBoC at a press conference lasting over an hour on Saturday. China’s foreign exchange reserves have decreased by $28.57 billion to $3.2 trillion in February, the lowest since December 2011, PBOC Governor Zhou Xiaochuan said it is a result of the dumping of dollars by the central bank to ease depreciation pressure on the yuan and to prevent an increase in capital outflows. He also added that we don’t have to resort to exchange rate measures to intervene in the market.
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