- China and U.S. agree to keep yuan exchange rate ‘basically stable’ as part of trade deal - SCMP reports, citing China's foreign exchange official
Market news
25 October 2019
China and U.S. agree to keep yuan exchange rate ‘basically stable’ as part of trade deal - SCMP reports, citing China's foreign exchange official
- Trade truce, which China and the United States are expected to finalize next month, is to include a currency clause in which Beijing will promise to keep the yuan’s exchange rate “basically stable” in relation to a basket of currencies
- China is to stick to its “floating exchange rate system with adjustments and management,” indicating there will be no major depreciation or appreciation of the yuan in the near future
- There is no set timetable for opening up China’s capital account, with the government continuing the liberalization in a gradual manner
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