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Yuan Rally To Provide FX Stability In 2023 - Guan Tao

CHINA PRESS
MNI (BEIJING)

The yuan’s new year rally has set the foundation for maintaining a stable exchange rate in 2023, but smoothing out Covid-19 disruptions and boosting market confidence are needed keep momentum going, according to Guan Tao, a former official at the State Administration of Foreign Exchange. Guan said the recent strengthening of the yuan was due to the optimisation of pandemic controls, which had raised growth prospects and led to increased domestic and foreign appetite for yuan assets, with northbound capital flows increasing. A record foreign trade surplus and strong domestic tourism data also added to the yuan's strength, he said. Guan’s comments were reported by Yicai.com.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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