China’s 21st Century Business Herald carried an editorial story on Friday, citing that the yuan should be allowed to appreciate, as the country’s inflation is more stable while other major economies battle soaring inflation and growth risks.  

Additional takeaways

“China can maintain self-sufficiency in agricultural products including grain and fertilizer, although it needs imports of cooking oil and animal feed.”

“China may however be pressured by a global recession, so it should actively improve income distribution and promote the "inner circulation" of its domestic economy.”

Market reaction

USD/CNY was last seen trading at 6.3620, down 0.08% on a daily basis.