Impact of Yuan devaluation is short term in nature – PBOC
By FXStreet FXStreet (Mumbai) – An official from the People’s Bank of China (PBOC) is now crossing the wires via Reuters, noting that the impact of yuan depreciation is transitory and now is the appropriate time to implement currency market reforms.
Key Quotes:
‘Yuan depreciation is not sustainable’
‘Impact of Yuan devaluation is short term in nature, it is appropriate time to reform currency market’
‘If reform is delayed, the cost of reform would be increased‘
‘Market volatility unrelated to opening of capital account’
‘China is still attractive to international capital’
‘China still has plenty of room to adjust economic policy’
‘Good time for currency reform given Chinese interest rates are falling’
‘China can fully liberalize interest rates as financial institutions already have ability to manage risk‘
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Source:: FX Street
