Hu Xiaolian Quotes

We will further improve the yuan exchange rate formation mechanism and constantly make the exchange rate more responsive to market supply and demand. - Hu Xiaolian

This move serves to give commercial banks more discretion in pricing so that they can effectively balance the returns with cost and manage risks. - Hu Xiaolian

This move doesn't mean fundamental change of RMB exchange rate formation mechanism. - Hu Xiaolian

This move doesn't mean [there will be a] fundamental change of [the] yuan exchange rate formation mechanism. In response to some problems experienced by banks in their quoting rates to clients, some adjustments [were] made to expand the buying-selling rates spread, which is now basically consistent with other countries' practice in the range of quotation rates. - Hu Xiaolian

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