PBOC: Yuan exchange rate has solid basis to stay reasonably stable at balanced levels

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.