People's Bank of China Governor Zhou Xiaochuan was cited as writing in a guidebook on policy plans for the next five years
- Said China will build confidence in the yuan
- Will facilitate its use in neighboring countries and emerging markets
"The government will intervene in the currency market, and keep the yuan broadly stable or even stronger before the IMF decision this month," said Le Xia, a Hong Kong-based economist at Banco Bilbao Vizcaya Argentaria SA. "China's fundamentals are still weak, and the PBOC will cut bank reserve requirements twice at least for a total of 100 basis points by the year-end. The yuan will depreciate next year when the IMF decision is out of the way."
via Bloomberg, no link as yet
Doesn't look like the CNH is getting driven higher to me ...
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Earlier:
- PBOC to introduce direct yuan-swiss franc trading tomorrow
- PBOC governor says Beijing to improve eco policy coordination
