China’s SAFE: Yuan more stable than expected
|Chinese yuan is more stable than expected and has maintained relatively high flexibility, the country’s forex regulator, the State Administration of Foreign Exchange (SAFE), said in a statement released on Friday.
Additional quotes
“Chinese yuan will still fluctuate around a reasonable balanced level.”
“China's forex market to develop steadily under the support of the domestic economy, markets.”
“Will step up monitoring of inbound, outbound cross-border capital flows.”
“To maintain balance in china's current account as economic structure changes.”
“While sometimes capital inflows may increase, china's international balance of payments will remain balanced in the medium, long term.”
Market reaction
USD/CNY was last seen trading at 6.6865, up 0.07% on the day. The Chinese yuan remains uninspired by the above comments on the exchange rate value.
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