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MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI (Singapore)
(MNI)Beijing

The People’s Bank of China will watch changes in the yuan closely and guard against any overshooting risks, implementing comprehensive measures to stabilise market sentiment and resolutely correct any pro-cyclical behaviors, said Zhu Hexin, vice governor of the PBOC and director of the State Administration of Foreign Exchange on Thursday in a briefing.

The yuan has experienced volatility against the U.S. dollar due to market expectations regarding the shift in the U.S. Federal Reserve's policy stance which has exacerbated turmoil in international financial markets. (See MNI: More Yuan Volatility Ahead, PBOC Vigilant)

The yuan against a basket of currencies, however, remains stable and has appreciated at a moderate pace, he noted. The economic recovery will help offset external disturbances and provide support for the yuan, he added.

Room also exists for monetary policy action to boost the economy and the PBOC will make good use of reserve policies after observing the effects of previous measures, and the economic recovery, he continued.

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