China’s SAFE: Yuan more stable than expected

Dhwani Mehta FXStreet

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.

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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