PBOC Should Lift Growth to Support Yuan, Not Just Intervene - Times

The People’s Bank of China should focus on reviving the economy to support the yuan rather than simply intervening or using its counter-cyclical factor unless speculative factors are driving the market, the Securities Times reported, citing Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences. China should use proactive fiscal and monetary policies to support the economy, as interest rate cuts would not counter efforts to stabilise the yuan, Zhang was cited as saying. It is also necessary to further improve the level of opening up to strengthen investor confidence, the newspaper said.