I’m not sure he said this with a straight face, but PBOC head Zhou said that China does not frequently intervene in the forex market and that international factors, not just Chinese policies affect the Yuan’s value.
Sorry Mr. Zhou, but I’m afraid I’m gonna have call bullshit.
USD/CNY is throttled in a ridiculously tight band, completely and utterly manipulated by the government..
Let’s look at the charts, shall we? Once the global economy began its swoon in mid-2008, China halted its managed appreciation of the CNY.
