• Yuan exchange rate has solid basis to stay reasonably stable at balanced levels
  • Reaffirms pledge to take action to correct one-sided and pro-cyclical activities
  • Will resolutely fend off currency overshooting risks
  • Will resolutely prevent speculation or incite clients to disrupt orders of FX market

The verbal interjection here and the bid in the Chinese yuan today is helping to pin down the dollar, alongside the unwinding of USD/JPY longs after BOJ governor Ueda's remarks over the weekend.