MNI China Daily Summary: Friday, April 26

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MNI BRIEF: China To Curb One-way Bet On The Yuan: PBOC Pan

MNI (Singapore)
(MNI)Beijing

The People’s Bank of China will ensure the stability of the yuan exchange rate and continue to reduce the actual lending rate whilst pursuing transformation of economic growth, Pan Gongsheng, the governor of the People’s Bank of China told the Financial Street Forum on Wednesday in Beijing.

The Bank will continue to prevent any overshot of the yuan exchange rate and avoid "one-way and self-reinforcing expectations in the forex market,” said Pan, pledging to correct pro-cyclical market behavior and to address trade that disrupt market order. The Bank will further lower the financing costs for the real economy and keep interest rates in line with potential economic growth, the governor pointed out.

When stressing the country can meet the 5% GDP target this year, Pan noted achieving high-quality and sustainable development is more important than seeking high growth rate.The policy maker will make effort to create a favorable monetary and financial environment for stabilizing prices, promoting economic growth, expanding employment, and maintaining international balance of payments.

USDCNH dropped 130pips to 7.26 after the speech.

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