September 24, 2024 02:53 GMT
MNI BRIEF: Recent Cuts Add RMB Appreciation Pressure - Pan
MNI (BEIJING) - Recent major central bank interest rate cuts has increased upward pressure on the yuan exchange rate following the period of depreciation, said Pan Gongsheng, Governor of the People's Bank of China, 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 decisive role of the market for exchange rate formation and strengthen expectation guidance to prevent unilateral expectations and one-way bets, Pan continued.
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