China will not compete for currency depreciation in a bid to boost the nation's competitiveness, said Zhou Xiaochuan, the central bank governor, at a conference in Shanghai on Monday.
The yuan has appreciated 35 percent against the US dollar since 2005, and the rate may rise further, according to Zhou, who stated that China's foreign exchange reserves have been growing at a slower and more controlled rate, providing more leeway for the country's market-based exchange rate reform. The yuan's central parity rate against the US dollar stood at 6.1806 on Monday.
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