News

Former PBOC official says China should not allow yuan weaker than 7

Former People’s Bank of China official Sheng Songcheng

Writing a piece in China Business News.

  • says the yuan falling through 7 may shake the confidence of markets
  • increase pressures on capital outflows
  • devaluing the yuan has only a small positive impact on trade

Not dropping under 7 is a popular view. Not there yet anyway. 

USD/CNY was set at 6.8988 today by the PBOC. 

CNY has been weak. 

Meanwhile USD/CNH (CNH is the offshore)

ForexLive

Articles You May Like

Gold trades between 100 and 200 hour MA.
The New Zealand dollar bounced definitely flopped. Eight month lows in sight
EUR/GBP forecast lifted to 0.90 – Danske Bank
EUR/JPY technical analysis: Sellers hold the reins until breaking 122.95/123.00 confluence
ForexLive Americas FX news wrap: Strong retail sales send USD higher

Leave a Reply

Your email address will not be published. Required fields are marked *