PBOC Governor Yi Gang: Withdrawn from day-to-day interventions
|Speaking at the China Development Forum in Beijing on Sunday, Bloomberg has reported that the PBOC "has already withdrawn from day-to-day interventions and now more and more market participants are getting used to a flexible exchange rate"
Additional quotes:
- China's financial markets openness to the rest of the world isn't high
- Therefore there is a lot of room for increased access
- PBOC will focus on providing more hedging tools in 2019 to help investors manage risks
- "We need to improve the financial risk prevention mechanism in line with financial opening-up."
- a flexible currency exchange rate is a "complementary" step in China's opening as it helps absorb risks
- PBOC "has already withdrawn from day-to-day interventions and now more and more market participants are getting used to a flexible exchange rate"
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