Despite a 4-5 percent depreciation in 2015, the yuan has still appreciated against a basket of currencies,
Says Guan Tao, the head of the department of international payments at the State Administration of Foreign Exchange (SAFE)
- In an interview with the Economic Daily
- Says investors should not to be alarmed by foreign institutions "talking down" the yuan
- Says some capital outflows from China were normal and should not be regarded as capital flight
Via Reuters, which adds;
- Chinese regulators have argued that the yuan has remained stronger than it should given significant depreciation of neighboring currencies against the dollar
I suppose that final bit could be a reason for further USD/CNY strength
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While I'm at it .... China stocks still trading down on the day but stable
