The China Securities Journal is a national securities newspaper in China, published by Xinhua News Agency. This is state media, controlled by the Chinese Communist Party.
An article in the outlet today says the factors disturbing the exchange rate are limited, and that yuan is expected to remain basically stable.
A translation of some of the article sums it up:
- Experts believe that the recent rise in the U.S. dollar index has caused short-term disturbances to the movements of non-U.S. dollar currencies, including the renminbi.
- Recently, the depreciation of the RMB exchange rate has been within a controllable range, and has not deviated from the operating range since the beginning of the year. From the trend point of view, compared with the previous period, the internal and external environment for the operation of the RMB exchange rate is more favorable, and it is expected to remain basically stable at a reasonable and balanced level in the future.
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There are plenty of nerves surrounding the lacklustre Chinese economic recovery, these are playing a role in the falling yuan.
- China's sputtering economic recovery "has broader implication for the global economy”
- ICYMI - Nomura has lopped its 2023 China GDP forecast to 5.5% from 5.9% - "losing steam"
- ICYMI: Barclays cut its forecast for China 2023 GDP growth to 5.3% (from 5.6%)
Offshore yuan plummeting:
The People's Bank of China is expected to confirm, again, the yuan weakness today: