China’s SAFE: A breach of 6.4 yuan per dollar this week was normal, driven by market force
|Further comments are flowing in from the State Administration of Foreign Exchange (SAFE), China’s fx regulator, as it now talks about the recent appreciative move in the yuan.
Key quotes
Will monitor and make proactive adjustments to guide market expectations amid monetary policy adjustments at major economies.
A breach of 6.4 yuan per dollar this week was normal, driven by market force.
Yuan is unlikely to persistently strengthen or depreciate, will be basically stable at balanced levels.
Market reaction
USD/CNY is keeping its recovery mode intact from four-month troughs of 6.3797, currently trading at 6.3992, up 0.10% on the day.
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