The People's Bank of China-backed (and hence Chinese Communist Party backed) Securities Times said today in an opinion piece that
- "The process of economic recovery in the post-COVID era will not be accomplished overnight and it requires policy support,"
- "But with gradual recovery of the broad economy, there can be a little more confidence and calm with the yuan exchange rate,"
That's not been evident today with a sharply weaker yuan:
- PBOC sets USD/ CNY reference rate for today at 7.2150 (vs. estimate at 7.3284)
- The People's Bank of China is battling to hold the line on the yuan today
Offshore yuan near a historical low:
