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PBOC "dramatically reduced" yuan intervention-official

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TOKYO, Oct 12 (Reuters) - China's yuan currency is nearequilibrium and the central bank has dramatically reducedforeign exchange market intervention, the deputy governor ofthe People's Bank of China said on Friday.

"I am glad to report to you that the renminbi exchange rateis very close to its equilibrium level," Yi Gang said at aconference in Tokyo.

"People might not know that the People's Bank of China hasdramatically reduced the intervention in the market place. Forthe past more than one year, the official reserves of China havebeen flat," he said.

(Reporting by Koh Gui Qing; Writing by Emily Kaiser; EditingNeil Fullick)

((emily.kaiser@thomsonreuters.com)(+65 6318 4763)(ReutersMessaging: emily.kaiser.reuters.com@reuters.net))

Keywords: IMF CHINA/

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