People’s Bank of China: There is a solid foundation for the RMB exchange rate to remain basically stable at a reasonable and balanced level

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On Monday, the People’s Bank of China issued a statement saying that there is a solid foundation for the RMB exchange rate to maintain reasonable stability at an equilibrium level.”

Reaffirmed its commitment to take actions to correct unilateral fluctuations in the RMB and promote cyclical fluctuations.

Resolutely guard against the risk of excessive currency issuance.

Resolutely prevent speculation or inciting customers to disrupt the order of the foreign exchange market.

USD/CNH fell 0.52% on the day to 7.3050.