More from PBOC Gov Yi Gang - says Chinese interest rates are at appropriate levels

Author: Eamonn Sheridan | Category: Central Banks

Also hints at the PBOC may loosen its control over the exchange rate of the yuan:

  •  improve market-based floating exchange rate mechanism with reference to basket currencies

Then vows further intervention anyway: 

  • will keep yuan exchange rate basically stable at reasonable levels

And, more:

  • will actively use structural monetary policy tools to support green transformation of the economy
  • will encourage financial departments to increase financial support for green industry
  • will study supportive tools to help lower carbon emissions in the real economy
  • will guide financial institutions to fend off risks from environmental changes
  • there are uncertainties around the external pandemic situation, economic recovery and macro policies
  • cannot neglect pressures from external inflation or deflation

Offshore yuan has strengthened a little on the session here:
yuan cnh chart


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