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China Resolute in Letting Market Drive Yuan: Times

MNI (Singapore)

China has been resolute in the market-based reform of the yuan and the People's Bank of China has largely ceased regular interventions, so the future rise and fall of the yuan should be determined by the market, said the Securities Times in a front-page commentary. Blindly pursuing currency stability isn't in the long-term development interest of an open economy, as China has vowed to increase monetary policy independence, promote capital free flow and an internationalized yuan, the newspaper said. The yuan surged past 6.4 against the U.S. dollar this week, the first time since June 2018, with some analysts predicting as high as 6.2 in offshore trading.

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