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A market-oriented yuan exchange rate and......>

CHINA
CHINA: A market-oriented yuan exchange rate and capital outflows will be the new
normal as the People's Bank of China has gradually withdraws from regular market
intervention, Guan Tao, former head of the balance of payments division at the
State Administration of Foreign Exchange (SAFE) and now a research fellow with
the China Finance 40Forum think tank, wrote on the think tank's website late
Thursday. China will achieve an international payments balance between its trade
surplus and its capital outflows, Guan predicted. The yuan's appreciation this
year was determined by where the PBOC set its daily parity, not by the market
supply and demand situation, Guan said. The measures controlling cross-border
capital flows are temporary and the stability of the yuan exchange rate is also
temporary, so the market participants should prepare for more volatility of the
exchange rate and improve their risk management capacity, Guan warned.
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