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Chinese regulators say to firmly crack down on yuan exchange manipulation

Chinese regulators say to firmly crack down on yuan exchange manipulation

FILE PHOTO: An employee packs yuan banknotes at a branch of Bank of China in Changzhi, Shanxi province February 24, 2010. REUTERS/Stringer

BEIJING: Chinese regulators including the central bank will crack down on manipulation of the forex market, according to a statement on Thursday on the central bank's website.

The yuan exchange rate cannot be used as a tool to stimulate exports nor to offset the impact of surging commodity prices, and fluctuations are normal, the statement said.

(Reporting by Winni Zhou and Meg Shen; editing by John Stonestreet)

Source: Reuters

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