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#GTVoice: China’s economic fundamentals and its vast foreign exchange reserves further bolster the case for yuan stability. This, combined with the PBC’s proactive measures, ensures that China has both the tools and the resolve to stabilize the yuan despite Western media outlets’… https://t.co/8iEx4j4jGT
Chinese Central Bank Governor Pan Gongsheng stated in a keynote speech at a conference in Saudi Arabia on Sunday that China will adopt a more proactive fiscal policy and a moderately loose monetary policy. He emphasized strengthening the counter-cyclical adjustment of… https://t.co/HhMxuPpJCT
CHINA FX REGULATOR: CROSS-BORDER YUAN USAGE HAS SIGNIFICANTLY INCREASED, CAN BETTER MITIGATE EXTERNAL SHOCKS, AND HELP MARKET TRADES TO BE MORE RATIONAL AND ORDERLY.
China's central bank governor, Pan Gongsheng, emphasized the importance of a stable yuan for global financial and economic stability during a conference in Saudi Arabia. He stated that the People's Bank of China (PBOC) will continue to allow the market to play a decisive role in determining the exchange rate of the yuan. This statement comes amidst a strengthening dollar, which has impacted various currencies. The governor highlighted that the stability of the yuan is crucial, especially as cross-border yuan usage has significantly increased, which can help mitigate external shocks and promote more rational market trades. Additionally, he indicated that China would adopt a more proactive fiscal policy and maintain a moderately loose monetary policy to support these efforts.
