More on China’s Central Bank, Forex Regulators Pledge to Stabilize Yuan

Earlier post on this is here:

• China Foreign Exchange Committee (CFXC) held meeting – pledged to support yuan

The Wall Street Journal reports now (may be gated):

• Officials said they aim to stabilize the yuan exchange rate at a reasonable, balanced level

In a nutshell:

• Chinese foreign-exchange regulators reiterated their pledge to defend the yuan
• In a recent meeting, officials at The People’s Bank of China and the State Administration of Foreign Exchange said they aim to stabilize the yuan exchange rate at a reasonable, balanced level.

Separately were other policy moves:

• PBOC made it easier for domestic firms to raise money from overseas

This move should increase onshore USD liquidity and relieve yuan depreciation pressure.

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