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Iris Pang, economist at ING, believes that the USD/CNY will follow the dollar index in general, which shows  that the yuan follows market movements before the yuan is ready to be a free float currency.  

Key Quotes

“To be able to have a free float currency, the capital account has to be open. China is not ready to fully open its  capital account. And forcing it to do so now means a strong  chance of high  volatility in the flows of funds across borders, and therefore big volatilities in  the yuan exchange rate, which could create too many  surprises to the market.”

“It is good for the rest of the world if  China opens up its capital account gradually and carefully.”