newstome1: After Massive Intervention, China Promises It Won’t…

newstome1:

After Massive Intervention, China Promises It Won’t ‘Weaponize’ Yuan to Fight Trump

As China’s offshore Yuan collapsed back above the 6.70/USD – after the biggest 14-day rout of the currency in history – PBOC Governor Yi stepped in with comments (and we suspect actions) that lifted the formerly bid-less currency 8 handles for its biggest gain since March.

People’s Bank of China Governor Yi Gang said China will “keep the yuan exchange rate basically stable at reasonable and balanced level,” a repetition of standard language that helped stoke speculation that policy makers are prepared to take tougher actions to arrest the plunge in the currency.

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Source: News To Me

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