PAN Gongsheng is a Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE)
- Foreign exchange market is stable now
- Supply and demand in foreign exchange market basically balanced
- Foreign exchange rate will be more flexible
- Will enhance ability to manage foreign exchange reserves
Earlier we had comments from People's Bank of China Governor Zhou: PBOC's Zhou says yuan trading band expansion is not a current focus
The comments from Pan on Foreign exchange rate will be more flexible do not conflict with the idea of not widening the CNY trading band ... the PBOC might be more flexible with up and down mid-rate settings each day. That's how I read it anyway.
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- Will push forward convertibility of capital account
- Will keep yuan stable
