Pressure rising over currency, says China's Yi
The contrast between American and Chinese monetary policy is exacerbating the pressure on the People's Bank of China to allow the renminbi to appreciate, according to leading policymaker at the central bank.
"With the simultaneous influence of the Federal Reserve's rate cuts and China's rate hikes, the pressure for the renminbi to appreciate is further rising," Yi Gang, an assistant governor at the central bank, said over the weekend.
China has hiked rates five times this year, from 6.12% to 7
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