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BEIJING (MNI)

The People’s Bank of China will not allow one-way bet on the yuan to form a trend and will work to correct distortions when market force fails, officials of the central bank told reporters on Tuesday.

Liu Guoqiang, vice governor of the PBOC, said the yuan exchange rate may overshoot sometimes, but a long-run one-way volatility means forex market is failing and policy will correct it timely.

The resilient economy and robust trade surplus all boosted the yuan last year against a strong U.S dollar.

Sun Guofeng, head of the PBOC monetary policy department, said expected tighter policy by the U.S. Federal Reserve will bring a limited impact and the PBOC will increase the flexibility of its currency and enhance the management on cross-border capital flow to keep the yuan exchange rate at a reasonable and balanced level.

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