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China Should Keep Yuan Flexible-Guan Tao

CHINA PRESS
MNI (Singapore)

China should keep yuan flexibility to help ease outflow pressures and facilitate the balancing of cross-border capital flows, wrote Guan Tao, former forex official and chief economist at BOC Securities in a blog post. The net outflows under the stock and bond connect schemes totaled CNY132.4 billion in May, rising 19.4% m/m, but the deficit under securities investment only decreased 5.9% m/m due to a 4.2% depreciation in the yuan against the U.S. dollar, Guan said. Foreign investors are worrying about the "non-tradable" risk that may be induced by a rigid exchange rate, instead of the rise and fall in the currency, Guan added.

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