According to Chinese news outlet South China Morning Post’s Orange Wang, a Chinese economic official recently confirmed that the United States (US)-China trade deal will include a currency clause aimed to keep the yuan exchange rate ‘basically stable.’
“Wang Chunying, a spokeswoman for the State Administration of Foreign Exchange, said at a press conference in Beijing that China will stick to its “floating exchange rate system with adjustments and management,” indicating there will be no major depreciation or appreciation of the yuan in the near future,” wrote Wang.
There was no market reaction to this headline. As of writing, the S&P 500 Futures was flat on the day to suggest that Wall Street’s main indexes are likely to open little changed.
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