China is gingerly blurring its currency red line. With more U.S. tariffs in the pipeline, Beijing is wise to reset expectations, but keep them vague, says cbeddor
People’s Bank of China Governor Yi Gang said on June 7 that “a little flexibility” in the yuan is good for the economy, Bloomberg reported. “I don’t think along this mathematical scale, any number is more important than other numbers”, he said.
Former PBOC Governor Zhou Xiaochuan said on May 27 that viewing 7 yuan to the dollar as a bottom line may be an “overreaction”, Chinese magazine Caixin reported. “From the perspective of fluctuations, integers may lead to misconceptions”, the publication quoted Zhou as saying at a closed-door roundtable.
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