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PBOC Says Yuan Two-way Fluctuation to Be Normal

MNI (Singapore)

The yuan's "two-way fluctuation" is normal and the currency may both appreciate and depreciate, according to a statement dated from the PBOC's WeChat account, following a meeting of the forex industry self-regulatory body. The currency faces a "complicated and changing" global financial situation as the central bank of the main economy adjusts its monetary policy, the PBOC said. The PBOC seeks a "reasonable and balanced" goal of the yuan's movement and will use the right amount of adjustment, it said. Businesses and banks shall not speculate on the yuan's exchange rates, it said.

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