PBOC deputy governor says will keep yuan exchange rate basically stable

  • Has confidence in the conditions and ability to keep FX market stable
  • Will prevent formation of one-sided expectations on the yuan

When it comes to the yuan, the chart is the better tool to gauge the intention of Chinese officials. They previously drew the line at 7.20 for USD/CNY and look to be drawing another one closer to 7.24 – at least for now.

This article was written by Justin Low at www.forexlive.com. Source