From PBOC Yi

  • We still hve policy and try to maintain RMB stability
  • doesn't want competitive devaluation of RMB
  • China will continue market-oriented FX reform
  • rates are currently at comfortable level
  • future PBOC policy will be prudent
  • G20 outcome a little better than expected
  • roadmap for trade talks is very constructive
  • shadow banking supports economy
  • PBOC needs to distinguish between good and bad in shadow banking
  • China shadow banking will keep growing, but at lower rate