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17.05.2019 15:59

China's central bank will not let yuan decline past 7 to the dollar - sources

China’s central bank will use foreign exchange intervention and monetary policy tools to ensure the yuan does not weaken past the 7-per-dollar key level in the immediate term, three people familiar with the central bank’s thinking said.

“At present, rest assured they will certainly not let it break 7. Breaking 7 is beneficial to China because it can reduce some of the effects of tariff increases, but the impact on our renminbi confidence is negative and funds will flow out,” the source said.

The yuan fell to its weakest level since December on Friday, and to within striking distance of the 7 mark last seen during the 2008 financial crisis. It has weakened 3% in the past month on fading hopes of a deal being struck in the long-running trade war between Beijing and Washington.

The source told that China’s issue of central bank bills in Hong Kong this week was a clear indication of the People’s Bank of China’s intent to soak up offshore yuan and discourage investors from short-selling it.


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