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People’s Bank of China loses resolve to liberalize yuan: WSJ

Leaked minutes from a meeting of the Chinese central bank in March show China has stepped back from its commitment to liberalize the yuan, the Wall Street Journal reported on Monday.

"The primary task is to maintain stability," one central bank official said when asked by some of China's top economists and bankers to allow the value of the yuan to fall, according to minutes seen by the WSJ.

People's Bank of China
Zhang Peng | LightRocket | Getty Images
People's Bank of China

The People's Bank of China announced last year that it would let the yuan float more freely as it moved to liberalize the world's second-biggest economy.

However, the WSJ said March's minutes "left little doubt China's top leaders have lost interest in a major policy shift."

To read the WSJ article, click here.

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