China determined to ‘resolutely’ keep yuan stable amid US tariff pressure
China's top financial officials have pledged to maintain the stability of the yuan amidst escalating trade tensions with the United States. Pan Gongsheng, governor of the People's Bank of China (PBOC), stated that the country will "resolutely prevent exchange rate overshooting" to ensure the yuan remains stable at a reasonable level. This statement marks Beijing's first official response to accusations from US President Donald Trump that China and Japan are gaining unfair advantages through currency depreciation.
The yuan has been facing increasing pressure due to the strong US dollar and economic uncertainties stemming from Trump's decision to raise tariffs on Chinese goods. Trump has previously accused China of intentionally undervaluing its currency, even labeling Beijing a currency manipulator during his first term. Pan emphasized that China will uphold the market's decisive role in exchange rates while strengthening expectations management to maintain stability.
via SCMP Full Text Feed
China's top financial officials have pledged to maintain the stability of the yuan amidst escalating trade tensions with the United States. Pan Gongsheng, governor of the People's Bank of China (PBOC), stated that the country will "resolutely prevent exchange rate overshooting" to ensure the yuan remains stable at a reasonable level. This statement marks Beijing's first official response to accusations from US President Donald Trump that China and Japan are gaining unfair advantages through currency depreciation.
The yuan has been facing increasing pressure due to the strong US dollar and economic uncertainties stemming from Trump's decision to raise tariffs on Chinese goods. Trump has previously accused China of intentionally undervaluing its currency, even labeling Beijing a currency manipulator during his first term. Pan emphasized that China will uphold the market's decisive role in exchange rates while strengthening expectations management to maintain stability.
via SCMP Full Text Feed
