PBOC’s Sheng: ‘I was opposed to a free float of the yuan’

The China Securities Journal reported comments from Sheng Songcheng, an adviser to the People's Bank of China (PBOC), expressing his disagreement with a free float of the yuan.

Key Quotes:

“I was opposed to a free float of the yuan as that would bring limited incentive to exports and economy while bring negative impacts to imports”

“Once the public's confidence in the yuan gets hurt, the economy will be hit hard, and the foreign exchange reserves would also be hardly to get protected”