Long-term rise in China’s yuan could hurt economy: former top official

Long-term appreciation in the yuan could have a large negative impact on China’s economy even if there was no substantial effect on the country’s exports in the short-term, a former senior official at China’s foreign exchange regulator warned.One-way bets on a rising yuan could hit smaller exporters, causing them to leave the market and result in the loss of jobs for many people, Guan Tao, global chief economist at BOC International, wrote in an opinion piece for financial news outlet Yicai.“If…