{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='China\u0026#39;s central bank says Chinese currency has reached its equilibrium rate' data-url='/boclips/videos/5c54bfb9d8eafeecae1454ef' data-video-url='/boclips/videos/5c54bfb9d8eafeecae1454ef' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nChina\u0026#39;s central bank says Chinese currency has reached its equilibrium rate\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of lecture2. SOUNDBITE: (English) Yi Gang, Deputy Governor, People's Bank of China:\"To report you a good news that is, in the past year, more than four quarters already, central bank of China virtually had little intervention in...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of lecture\u003cbr/\u003e2. SOUNDBITE: (English) Yi Gang, Deputy Governor, People's Bank of China:\u003cbr/\u003e\"To report you a good news that is, in the past year, more than four quarters already, central bank of China virtually had little intervention in the exchange market. And, the official reserve of China in the past five quarters has been flat. Right, so that, which means that the rate, on the spot rate and future rate, determined by the market supplied and the demand basically very close to the equilibrium rate.\" \u003cbr/\u003e3. Mid of speakers\u003cbr/\u003e4. Cutaway of audience  \u003cbr/\u003e5. SOUNDBITE: (English) Yi Gang, Deputy Governor, People's Bank of China:\u003cbr/\u003e\"In terms of the time table, we don't have a time table as I said I don't promote it and I don't have a timetable. But I would like to see that, if you think that using Renminbi is more efficient, it's cost saving and it benefit enterprise with trade partners and facilitate the investment, that is a good thing to do.\"\u003cbr/\u003e6. Wide of lecture\u003cbr/\u003eChina's central bank governor said on Sunday that the Chinese currency had reached its equilibrium rate, and that its value was mainly determined by the market, rather than intervention.\u003cbr/\u003eIn a speech delivered by one of his deputies in Tokyo, Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said that the central bank had refrained from intervening in the market in the past year.\u003cbr/\u003eThe US has long urged China to lift controls on foreign exchange markets that Washington contends keep the Chinese yuan undervalued, making the country's exports relatively less expensive in overseas markets.\u003cbr/\u003ePBOC deputy governor Yi Gang, who delivered the speech, said China knows that a fixed exchange rate is unsustainable and will continue with reforms.\u003cbr/\u003eConcerning the internationalisation of the Chinese yuan just like other major currencies, Yi did not give out a set time target for it but said it is \"a good thing to do\" if such move will bring in positive effects for China.\u003cbr/\u003eZhou had been scheduled to give the speech but cancelled his Tokyo trip in an apparent snub to Japan, that comes as the two Asian giants remain at odds over a cluster of tiny islands both claim.\u003cbr/\u003eThe lecture was a part of the IMF-World Bank annual meeting which closed on Saturday. \u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource 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