PBOC Official: There is solid foundation to keep Yuan exchange rate basically stable

Speaking at a press conference following the People’s Bank of China’s (PBOC) interest rate decision on Wednesday, the central bank official commented on the Yuan exchange rate value.

Key quotes

Will pay more attention to changes in the Yuan exchange rate against a basket of currencies.

Will resolutely correct one-sided pro-cyclical behavior for yuan exchange.

Will resolutely curb disruptions to market order, resolutely guard against exchange rate overshooting risks.

more to come ...