PBOC Views Stabilising FX market as Top Priority in Wake of Yuan Depreciation
(28 September 2022 – China) The People’s Bank of China (PBOC) views stabilising the foreign exchange market as a the top priority, after the CNY (Chinese Yuan) weakened to its lowest level since the global financial crisis (GFC) of 2008.
China’s central bank stated that the FX market was largely operating in an orderly manner, but warned against making significant one-way bets on the currency. It reiterated that the yuan has a solid basis to be basically stable.
“The foreign exchange market is of great importance, and maintaining stability is the top priority,” the PBOC stressed.