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CHINA PRESS: The yuan may continue to depreciate and test the 6.9 level this
week, as the PBOC seems inclined to let the market set the prices and focus on
balancing internally, China Securities Journal reported, citing unidentified
market participants. China's relatively small size of forex reserve, strong U.S.
economy and the euro zone's dovish monetary policy may result in a strong U.S.
dollar and downward pressure on the yuan in the third quarter, the newspaper
said citing a research report by Ming Ming, chief economist of Citic Securities.
China should reintroduce the countercyclical factor in the pricing mechanism of
central parity rate to secure the bottom of the exchange rate and prevent the
extent of the depreciation, the newspaper said citing Ming.

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