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The People's Bank of China is likely to refrain from setting exchange rate targets for the yuan while allowing it to gain against the U.S. dollar in the medium to long term, Yicai.com reported citing analysts. Over the weekend, PBOC Deputy Governor Liu Guoqiang said the yuan's two-way fluctuation has become the norm and its future trading will be decided by supply and demand as well as the international financial markets. The yuan's recent appreciation was mainly due to the weakening dollar index, while fundamentals like China's economic recovery and balance of payments have not significantly changed, the newspaper said citing Guan Tao, the chief economist of Bank of China International and a former forex official. The yuan has continued to strengthen since April and traded around 6.4-6.5 against the dollar, with the central parity rate last week nearly reached the high of 6.4235 on June 19, 2018.