China’s central bank has sent a strong signal it wants to keep the Chinese yuan from weakening too quickly against the U.S. dollar, economists said.
"I think that's the key threshold," he said."I think the reason they're reluctant to allow that to happen is, if it goes beyond that level, then expectations for the currency risk becoming unanchored. You risk seeing much larger-scale capital outflows."
The PBOC on Tuesday set the yuan's midpoint against the dollar at 6.9096, the weakest since Aug. 25, 2020, according to Wind Information. China's central bank loosely controls the yuan by setting its daily trading midpoint based on recent price levels.The PBOC's latest cut to the foreign currency reserve ratio — to 6% from 8% — is set to take effect Sept.
That's according to a CNBC translation of a Chinese transcript of Liu's remarks at a press event on economic policy. For the long run, Liu maintained Beijing's hopes for greater international use of the yuan."In the future the world's recognition of the yuan will continue to increase," he said.
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