Comments from a People’s Bank of China official at this press conference:
Focused on the yuan:
-
Will pay more attention to changes in yuan exchange rate against a
basket of currencies - There is solid
foundation to keep yuan exchange rate basically stable - Will resolutely
correct one-sided pro-cyclical behavior for yuan exchange - Will resolutely curb
disruptions to market order, resolutely guard against exchange rate
overshooting risks -
China’s monetary policy still has ample policy room to respond to
unexpected challenges and changes -
Will continue to
implement prudent monetary policy, step up counter-cyclical
adjustments
This article was written by Eamonn Sheridan at www.forexlive.com. Source