PBOC governor Yi Gang on the wires

  • Closely watching moves in FX market
  • Closely monitoring recent FX fluctuations
  • To keep yuan stable at reasonable, equilibrium level
  • To maintain prudent, neutral monetary policy
  • Cross-border capital flows basically stable
  • Must stick to managed floating exchange rate system
  • To deepen market-oriented exchange rate reform

Basically verbal intervention, and the yuan is paring losses on the day on the back of these headlines. Offshore yuan now falls to 6.7060 against the dollar after having traded to a high of 6.7300 levels earlier.

His comments here are from an interview with China Securities Journal, but the timing of the release makes it rather questionable - right when the yuan weakens to 6.70 against the dollar. I would still mark this down as verbal intervention but probably not of the strong kind.