The People’s Bank of China (PBOC) said in a statement on Monday, “the Yuan exchange rate has a solid basis to stay reasonably stable at balanced levels.”
Additional takeaways
Reaffirms pledge to take action to correct one-sided and pro-cyclical activities.
Will resolutely fend off currency overshooting risks.
Will resolutely prevent speculation or incite clients to disrupt orders of FX market.
Market reaction
The USD/CNY pair was last seen trading 0.52% lower on the day at 7.3050.
Source: https://www.fxstreet.com/news/pboc-yuan-exchange-rate-has-solid-basis-to-stay-reasonably-stable-at-balanced-levels-202309110447