From a post to the People's Bank of China website
Comments from Liu Guoqiang, a vice governor at the Bank
- will maintain the exchange rate of the yuan at “basically stable” levels
- trend of the exchange rate will be decided by supply and demand along with changes in international financial markets
- yuan will be kept at reasonable and balanced levels
Also published over the weekend were April 16 comments from Zhou Chengjun, director of the Bank’s finance research institute
- China has to give up its control over the yuan exchange rate eventually if it wants to achieve greater global use of the yuan
- said the PBoC has made it clear it stopped regular intervention
- will let the market play a bigger role in deciding the exchange rate.
I gonna be suspicious that the PBOC has stopped regular intervention.