Topical comments from GS on the yuan with the PBOC (via China state banks) intervening in USD/CNY
Bloomberg with an interview with GS managing director and senior China economist Tang
Its a video interview, here
Main points;
- PBOC to manage speed of CNY depreciation
- expects 7 within 6 months
- CNY is now more flexible
- Interest rates in China have drifted lower even as the Fed has been hiking, supporting USD/yuan
- China deleveraging means credit not so loose, weaker CNY is an offset
