The central bank of China drew down the reference rate by 0.03 percent on Monday and Governor Zhou Xiaochuan told the news source this past weekend that the Asian nation needs short-term growth as a method of influencing structural adjustments. The first quarter of this year saw the economy of China develop 7.7 percent as compared to the first three-month period of 2012. From the fourth quarter of last year to the first quarter of this year, the Chinese economy grew 7.9 percent.
"China's undergoing economic restructuring, which sometimes is not in lockstep with growth," the governor told the news source this past Saturday in Washington during the Group of 20 meetings.
The renminbi's growth last week against the U.S. dollar amounted to 0.24 percent, the biggest weekly advance since the middle of October 2012.
Thus far this year, the renminbi has climbed 0.8 percent against the U.S. dollar, according to The Wall Street Journal.
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