PBOC’s Ruan: Will strengthen the flexibility of the yuan exchange rate

Ruan Jianhong, head of the People’s Bank of China’s (PBOC) Statistics and Analysis Department, said on Friday, “we will strengthen the flexibility of the yuan exchange rate.”

Additional quotes

Since the pandemic, China has not implemented an excessive amount of monetary policy stimulus, leaving leeway for future monetary policy adjustments.

China is transitioning from high to moderate growth.

The PBOC will stabilize banks' liability costs.

We will improve the coordination of structural and aggregate policy tools.

China must maintain a reasonable level of liquidity.

Market reaction

USD/CNY was last seen trading at 6.9009, down 0.07% on a daily basis.

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