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

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

Offshore yuan near a historical low:

This article was written by Eamonn Sheridan at Source