China’s central bank governor, Pan Gongsheng, spoke on Sunday at the AlUla Conference for Emerging Market Economies in Saudi Arabia:
- will continue to let the market play a decisive role in deciding the yuan exchange rate.
- emphasized that a stable yuan is crucial for global financial and economic stability
- highlighted that while many currencies have depreciated against a stronger US dollar, the yuan has remained stable despite market volatility
- noted China’s focus on boosting domestic consumption through policies such as raising household incomes and offering subsidies.
- China will implement a proactive fiscal policy and an accommodative monetary policy, with stronger counter-cyclical adjustments to support the economy
This article was written by Eamonn Sheridan at www.forexlive.com.
