China Securities Journal (via MNI):

  • China Securities Journal calling on the People’s Bank of China to stop the yuan from appreciating and limit the impact of the dollar’s rise
  • The newspaper last week said interest rates should come down
  • Now saying the yuan’s strength has come despite the government’s commitment to lowering costs in the economy
  • The yuan needs to depreciate against U.S. dollar so that its real effective exchange rate remains unchanged and the PBOC should increase two-way flexibility
  • Don’t fear depreciation, it said, noting Beijing’s yuan internationalization plan and concerns about capital outflows