PBOC issues quarterly monetary policy implementation report
Says:
- To keep balanced and prudent monetary policy
- aims to keep appropriate liquidity and market rates
- to utilize monitoring tools including targeting RRR cuts, TMLF
- to keep Yuan basically stable at equilibrium level
- will fend off a systematic financial risks
- to reduce financial cost of small enterprises
The off shore yuan is moving lower (USDCNH is moving higher) once again today and looks toward the October highs at 6.97961 level (see chart below). The yuan has been weakening over the last month and accelerated more recently, as the trade talks take a step back.
