‘There’s no need to devalue the Yuan’ – PBoC’s Yi Gang

FXStreet (Mumbai) - The Peoples' Bank of China (PBoC) won't intentionally make the Yuan weaker even though the economy has been slowing down, the bank's deputy governor Yi Gang repeated over the weekend.

"We shouldn't, because the surplus is still relatively large so in this case there's no need to devalue the Yuan," Yi said according to an official report of remarks.

China reported a $78.9 billion capital account deficit in the first quarter, matching the current account surplus.