{"id":10971,"date":"2023-11-08T07:41:58","date_gmt":"2023-11-08T07:41:58","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/china-will-guard-against-yuan-overshooting-risks-pboc-publication\/"},"modified":"2023-11-08T07:41:58","modified_gmt":"2023-11-08T07:41:58","slug":"china-will-guard-against-yuan-overshooting-risks-pboc-publication","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10971","title":{"rendered":"China will guard against yuan overshooting risks – PBOC publication"},"content":{"rendered":"
\n

BEIJING (Reuters) – China will resolutely guard against overshooting risks of the yuan exchange rate, People’s Bank of China (PBOC) Governor Pan Gongsheng said, according to a report on Wednesday by Financial News, a newspaper owned by the PBOC.<\/p>\n

The comments come as the has lost more than 5% so far this year to become one of the worst performing Asian currencies, in light of the widening yield differentials with other major economies and an uneven domestic economic recovery.<\/p>\n

China will prevent the formation of one-sided and self-reinforced market expectations in the Chinese yuan, Pan said at a financial forum in Beijing.<\/p>\n

Despite losses against the greenback, Pan said the yuan’s value against a basket of currencies was largely stable, while the yuan appreciated slightly versus other non-dollar currencies.<\/p>\n

The yuan’s trade-weighted CFETS yuan basket index stood at 98.49 on Wednesday, down 0.18% year-to-date, according to Reuters calculation based on official data.<\/p>\n

Pan also reiterated that China is capable of maintaining the prudent operations of the foreign exchange market and the yuan will be basically stable, reasonable and balanced. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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