PBOC: Chinese yuan is at an appropriate level at present
Comments by a PBOC official on the yuan, via Reuters
- Yuan moves do not necessarily lead to disorderly movements in capital flows
- Shocked that US has labelled China as a 'currency manipulator'
The official also adds that China will be able to "navigate through all scenarios" amid the currency manipulation label being planted by the US.
As mentioned before, the irony here is that China is actually letting the market take over and guide the yuan weaker because what they have done in the past is artificially kept their own currency stronger than it should be.