- Yuan is basically stable on an equilibrium level this year
- Yuan has solid foundation to be basically stable
- The first priority is to keep the FX market stable
- Operations are generally standardised and orderly, but speculations remain
- Guidance and corrections should be strengthened
The remarks come after the central bank held a national foreign exchange market self-discipline mechanism video conference (h/t @ Sino_Market). As much as the headline comment is something to be wary about, the daily yuan fixings will give a better clue on the PBOC's tolerance in the market towards the yuan movement.
