From the People's Bank of China briefing on the yuan, deputy governor Yi Gang:
- No basis for continued depreciation of yuan
- China's ample fx reserves, trade surplus, sound fiscal position and financial system to provide "strong support" for yuan
- Says will prevent risks from abnormal cross-border capital flows
- Says will conduct checks on banks' cross-border yuan and foreign currency businesses
- Will further improve yuan pricing mechanism, ensure normal fluctuations in exchange rate
- To promote unified onshore and offshore yuan exchange rate
Quick Headlines via Reuters , more to come
More:
- Loose domestic monetary policy adds pressure on the yuan
- Accumulated depreciation pressure of around 3% has been released through yuan decline
- Yuan could return to appreciation in future
- PBOC is able to keep yuan basically stable
- Rigid yuan exchange rat not sustainable, not suitable for China
- Yuan depreciation impact on Hong Kong limited, effect on yuan internationalization positive
- PBOC has stopped regularly intervening in FX market
- Reports of a 10% yuan depreciation 'groundless'
