A piece in the China Business News (via MNI), citing People’s Bank of China Monetary Policy Committee member Huang Yiping

  • Foreign-exchange reserves are accumulating for a "rainy day"
  • POC efforts to maintain market stability are "normal"
  • Says China wants a market-oriented exchange rate
  • Claims China will exhaust its foreign-exchange reserves in five to 10 years are incorrect
  • PBOC is unlikely to intervene in the foreign-exchange market for "many years"
  • Says yuan can still appreciate in the medium to long term despite existing downward pressure