PBOC: Need reforms, not exchange rates, to address global imbalances

Discussions over the renminbi's exchange rate has intensified as global economic imbalances widen. An International Monetary Fund policy paper published in April said imbalances had widened again after more than a decade of decline. Against this backdrop, the People's Bank of China, China's central bank, issued a detailed statement on October 8 setting out its position on the RMB exchange rate.