Ella 
In a statement issued on [date], a deputy governor of the People’s Bank of China (PBOC) reiterated the central bank’s commitment to keeping the yuan exchange rate essentially stable.
Expressing confidence in the conditions and capabilities to ensure stability in the foreign exchange (FX) market, the deputy governor emphasized the importance of preventing the formation of one-sided expectations regarding the yuan.
The statement highlighted the use of charts as a tool to gauge the intentions of Chinese officials concerning the yuan. Previously, a line was drawn at 7.20 for the USD/CNY exchange rate, and there are indications of another threshold being established, potentially around 7.24, at least for the present moment.
The reaffirmation of the PBOC’s commitment to stability in the yuan exchange rate underscores China’s ongoing efforts to maintain confidence in its currency and stability in the FX market.
