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Yuan To Range Between 7-7.3 Until End Of 2022 - Former Official

CHINA PRESS
MNI (Singapore)

The yuan is likely to hover between 7 and 7.3 against the U.S. dollar over the rest of 2022 as expectations for higher U.S interest rates pressure the currency, the CPPCC Daily reported citing Sheng Songcheng, previously head of the statistics and analysis department at the People's Bank of China. The yuan is unlikely to keep depreciating significantly over the longer run. The PBOC can re-implement its counter-cyclical factor or increase the scale of central bank bill issuance in the offshore market to stabilize yuan, Sheng was cited as saying. It is crucial to improve the outlook for China's economy, which can greatly reduce the impact of U.S. monetary tightening, said Sheng.

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