PBOC: Will keep Yuan exchange rate basically stable

Market news

13 January 2023

PBOC: Will keep Yuan exchange rate basically stable

People’s Bank of China (PBOC) Vice-Governor said in a statement on Friday, the central bank “will keep the Yuan exchange rate basically stable.”

Additional comments

Impact from rate hikes in developed countries on China's economy will be limited.

Expects China inflation to remain moderate in 2023.

Inflation pressure under control in the near-term.

Central bank will closely monitor price rises.

Rising demand may boost prices, should also guard against imported inflation.

Expects M2 money supply growth to be stable this year.

Market reaction

At the time of writing, USD/CNY is trading at 6.7068, down 0.46% on the day.

Currencies. Daily history for Friday, January 13, 2023

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