PBOC: Will strengthen financial supervision and prevent risks in financial opening process

Dhwani Mehta FXStreet

The People’s Bank of China (PBOC), Chinese central bank, said in a statement on Thursday, it will strengthen financial supervision and prevent risks in the financial opening process.

The Chinese financial institutions are completely capable in coping with foreign competition in the financial opening, the PBOC noted.

On the phase one trade deal, the PBOC said: “The currency components within the trade deal signed Wednesday in Washington are good for market stability”.

This comes after the Chinese Vice Premier Liu He said “China will continue to enhance the legal environment” and “welcomes investors from around the world,” as the country continues to open up.

US President Trump signed the “phase one” trade deal with Liu, marking a temporary truce in the trade war between the world’s two largest economies.

Meanwhile, markets pay little heed to the PBOC remarks, as the dust settles over the trade deal signing and doubts still linger, as phase 2 trade deal negotiations get underway.

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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