China's full opening-up of its financial sector to help stabilize yuan in long term – China Press

Dhwani Mehta FXStreet

China’s news outlet, the Economic Information Daily carried an opinion piece on Monday, citing that the recent financial market reforms by China will help to stabilize its domestic currency going forward.

Key Quotes:

“China's full opening-up of its financial sector will help to stabilize the yuan in the long term.

More foreign investors in the Chinese market will help smoothen the flow of cross-border funds, lending fundamental support to the yuan.”

Meanwhile, the USD/CNY pair extends its rebound from three-month lows of 6.9676, now back on the 7.00 handle. The cross trades +0.10% higher at 7.0029, mainly driven by the Hong Kong chaos induced selling in the Chinese yuan.

Hong Kong protesters shot by police amid ongoing demonstrations – Reuters

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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