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The People's Bank of China (PBOC)'s.....>

CHINA PRESS
CHINA PRESS: The People's Bank of China (PBOC)'s defense of the yuan at 7
against the U.S. dollar may introduce a moral hazard of having an implicitly
guaranteed level of exchange rate, Guan Tao, a former official at the State
Administration of Foreign Exchange, wrote in China Money, a PBOC-run magazine.
Since the PBOC reformed the yuan's central parity mechanism in August 2015, it
has defended the 7:1 level for a third time, which may cause some companies to
be complacent rather than actively using derivatives tools to manage currency
risks, Guan said. 

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