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BEIJING (MNI)

China's yuan exchange rate will see "normal" two-way trade, driven by "complicated" factors, Pan Gongsheng, deputy-governor of the People's Bank of China told Lujiazui Forum 2021 on Thursday. There will be intensive demand for foreign exchange in coming months, the growth gap between china and major developed countries is narrowing, and the Federal Reserve is facing pressure to adjust its policy as inflation expectations rise, Pan said, referring to factors that may weigh on the yuan.

Global financial markets sitting close to record highs increasing investor nerves, along with any Fed policy adjustment will impact the global forex market and cross-border capital flows, Pan warned, noting that regulators, banks and corporates will work together to smooth yuan volatility, Pan noted.

He added that China will increase the quota of Qualified Domestic Limited Partner for outbound debt and equity investment and test a Qualified Foreign Limited Partner scheme in Shanghai to boost the city as a global hub for wealth and assets management.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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