Home Forex Exchange PBOC Governor spoke over the weekend – says yuan is at an appropriate level – ForexLive

PBOC Governor spoke over the weekend – says yuan is at an appropriate level – ForexLive

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Comments from People’s Bank of China Governor Yi Gang published on Saturday

  • Judging both from economic fundamentals and from market supply and demand, the RMB exchange rate is at an appropriate level
  • The generally stable market reactions and balanced cross-border capital flows so far indicate that there is growing market acceptance for two-way exchange rate fluctuations

The daily reference rate setting for the onshore yuan from the PBOC was barely changed for about a month leading into the trade discussions in Washington. Last week the setting began to shift around a little more. The question is whether China will allow a deprecation trend for the yuan to continue as trade talks progress. A weaker yuan is a bone of contention for the US. 

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