No-float in China

The world's fastest growing major economy, China, will stick with its existing exchange-rate system and will not allow "large scale" appreciation of the yuan against the dollar, the nation's top foreign-exchange regulator said on Saturday.


"It's not possible that we will allow the exchange rate to float freely," Guo Shuqing, head of the State Administration of Foreign Exchange, told reporters in Beijing.


"It must be a managed floating exchange rate. That policy will not change for a relatively long time."