Unnamed US official cited by Reuters:

  • Chinaese authorities have the tools, capacity and resources to address growth challenges
  • US watching China FX markets, notes real effective yuan appreciation 'substantial' in the past year
  • Critical for China to move ahead with market oriented reforms
  • China should clearly communicate policy intentions and actions

He noted that the real yuan depreciation recently has been less than 3%.

The yuan has quietly been strengthening over the past week.