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Free AccessMNI BRIEF: PBOC Warns Against Sharp Yuan Volatility
China's foreign exchange regulators will crack down on pro-cyclical and one-way bets on the yuan when necessary and curb speculation to prevent excessive volatility, the People’s Bank of China said in a statement on its website on Friday.
The statement came out as the yuan has suffered a sharp fall against dollar since Wednesday when USDCNH broke the 7 level and USDCNY followed on Thursday. (See MNI: Yuan Supported By Rebound But Firm USD Risks Move Above 7)
Members of the self-regulatory mechanism need to maintain the basic stability of the foreign exchange market, curb large fluctuations in the exchange rate and strengthen management of U.S. dollar deposits, the statement noted, pointing out that China's macro economy, international payments and foreign exchange reserves are solid, and the expectations of financial institutions, enterprises and residents regarding the exchange rate are stable.
USDCNH dropped 100pips on the statement. USDCNY closed at 7.0235 at 16.30pm Beijing time, up 59pips from Thursday.
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