China’s SAFE: Yuan, cross-border capital flows remain basically stable
|“The Chinese yuan remains basically stable and cross-border capital flows basically stable amid higher expectations of monetary policy tightening at major economies,” the State Administration of Foreign Exchange (SAFE), China’s fx regulator, said on Friday.
Additional takeaways
“Market expectations are relatively stable, conducive to maintaining a stable yuan.”
“The ability of Chinese fx market to tackle risks has increased.”
“Policy shift at global central banks will not change the basically stable situation of China’s balance of payments.”
“Risks in the short term amid external shock are controllable.”
“Will appropriately rolls out counter cyclical adjustments if fx market faces higher fluctuations.”
“Commercial banks purchased net $20.9 bln of forex in September vs net purchase of $13.6 bln in August.”
“Commercial banks purchase net $180 bln of forex in January – September.”
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