PBOC Deputy Governor: Will keep Yuan exchange rate basically stable

Market news

18 April 2024

PBOC Deputy Governor: Will keep Yuan exchange rate basically stable

People’s Bank of China’s (PBOC) Deputy Governor said on Thursday that they “will keep the Yuan exchange rate basically stable.”

Additional comments

Recent improvements in China's economy will provide support Yuan exchange rate.

Has confidence, conditions, ability to keep forex market stable.

Will prevent the formation of one-sided expectations on Yuan.

PBOC has set up credit market department.

Market reaction

At the time of writing, USD/CNY is holding flat at 7.2368, off the five-month high of 7.2405.

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