This is a legitimate concern and that's why the central bank has to urge commercial banks to pay attention to their pace of new lending.
"Yi Gang" (born 1958) is the Director of the State Administration of Foreign Exchange and Deputy Governor of the People's Bank of China.
More Yi Gang on Wikipedia.The current trading band of 0.3 percent is appropriate, and the recent fluctuation is normal.
This flexible mechanism, this managed floating regime, will allow us to adjust the yuan exchange rate flexibly in the future.
Our judgment will depend on changes in the economy.
The current mechanism is in the right direction. I think in terms of flexibility, (the yuan) is gradually determined more and more by market forces and demand and supply of the market.
This is providing favorable conditions for China to adjust its exchange-rate policy and macro-economic policies.
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