Further comments out from the People’s Bank of China (PBOC) Deputy Governor Pan Gongsheng, as he now speaks about the recent Yuan decline.
Recent Yuan fall reflects market supply and demand.
Yuan fall also reflects global market volatility.
Risks from trade frictions on China’s FX market largely under control.
PBOC will adopt macro-prudential measures to stabilize market expectations.
Will not engage in competitive currency devaluation.
Will also not use Yuan to cope with trade frictions.
China’s economic fundamentals are sound.
Along with ample of FX reserves, will provide support to keeping the Yuan steady.
Will take necessary measures to deal with those who short the Yuan.
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