Chinese state media talking up the yuan: recovering economy will return confidence & calm

The People’s Bank of China-backed (and hence Chinese Communist Party backed) Securities Times said today in an opinion piece that

• “The process of economic recovery in the post-COVID era will
  not be accomplished overnight and it requires policy support,”
• “But with gradual recovery of the broad economy, there can
  be a little more confidence and calm with the yuan exchange
  rate,”

That’s not been evident today with a sharply weaker yuan:

• PBOC sets USD/ CNY reference rate for today at 7.2150 (vs. estimate at 7.3284)
• The People’s Bank of China is battling to hold the line on the yuan today

Offshore yuan near a historical low:

This article was written by Eamonn Sheridan at www.forexlive.com. Source