PBOC: Yuan exchange rate has solid basis to stay reasonably stable at balanced levels

Market news

11 September 2023

PBOC: Yuan exchange rate has solid basis to stay reasonably stable at balanced levels

The People’s Bank of China (PBOC) said in a statement on Monday, “the Yuan exchange rate has a solid basis to stay reasonably stable at balanced levels.”

Additional takeaways

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.

Market reaction

The USD/CNY pair was last seen trading 0.52% lower on the day at 7.3050.

USD/INR experiences downward pressure, trades below 83.00

AUD/USD advances above the 0.6420 mark amid the weaker USD, US soft landing hope

Market Focus

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