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Deutsche Bank said the renminbi exchange rate reform would boost local demand in China
Source: | Author:finance-94 | Publish time: 2019-05-02 | 153 Views | Share:
Ma Jun, chief economist of Deutsche Bank in Greater China, said the decision announced by the People's Bank of China on June 19 to increase the flexibility of the RMB exchange rate would accelerate China's transition to a domestic-demand economy and help alleviate the risk of a sharp escalation of trade tensions between China and the United States.
Ma Jun, chief economist of Deutsche Bank in Greater China, said the decision announced by the People's Bank of China on June 19 to increase the flexibility of the RMB exchange rate would accelerate China's transition to a domestic-demand economy and help alleviate the risk of a sharp escalation of trade tensions between China and the United States.           
He said that the reform is part of a structural change to reduce the dependence of economic growth on exports and will promote the transformation of China's economy into a consumption-driven economy. He added that the two-way elasticity between the yuan and the dollar would help reduce hot money inflows.