Comments by the PBOC on the yuan and the economy
- Yuan fall also reflects global market volatility
- Risks from trade frictions on China's FX market largely under control
- PBOC will adopt macro-prudential measures to stabilise market expectations
- Will not engage in competitive currency devaluation
- Will also not use yuan to cope with trade frictions
- China's economic fundamentals are sound
- Along with ample of FX reserves, will provide support to keeping the yuan steady
- Will take necessary measures to deal with those who short the yuan
China continuing to feed the same rhetoric to markets as they have done in the past. The yuan is one of the major topics in trading today as it falls to a decade low against the dollar and pushes closer to the 7.00 threshold. That certainly won't appease Trump and has been a real bane for the aussie and kiwi to start the day.
