31 Aug.
China will continue to gradually relax restrictions on the use of the yuan, but changes in the currency’s exchange rate won’t resolve China’s massive trade imbalance with the U.S., People’s Bank of China Deputy Governor Hu Xiaolian said Tuesday.
In an interview with The Wall Street Journal, Ms. Hu also said she believes the global economy will continue to recover—albeit slowly—and that she doesn’t expect it to return to a state of recession.
“The global economy is still recovering,” Ms. Hu said. “Sure, there is some volatility but it won’t double dip. But the recovery will be quite slow.”
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