September 24, 2024 07:01 GMT
CORRECTED-MNI BRIEF: Depreciation Pressure On Yuan Eases-Pan
(MNI) Beijing
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(Corrects to remove reference to appreciation)
Recent major central bank interest rate cuts have eased depreciation pressure on the yuan, People's Bank of China Governor Pan Gongsheng told reporters on Tuesday.
Speaking with reporters, Pan noted the dollar's future trend remained uncertain given diverging macro trends, U.S. elections and other geopolitical shifts. However, the yuan exchange rate had a solid foundation with the domestic economy improving under the recently announced monetary policy easing, Pan added.
Looking ahead, the PBOC will adhere to the market for exchange rate formation and strengthen guidance to prevent unilateral expectations and one-way bets, Pan continued.
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