China will resolutely curb large exchange rate fluctuations and will study reinforcing self-regulation of dollar deposits.
China will resolutely curb large exchange rate fluctuations and will study reinforcing self-regulation of dollar deposits, the central bank declared on Friday.
Learn more – Follow the price of the blue, official, CCL and MEP dollar in Argentina
The comment occurs after the yuan fell to multi-month lows and broke through the closely watched 7 per cent level. dollar, pressured by a faltering economic recovery, low yields and a broad rally in the dollar.
The country’s central bank and foreign exchange regulator will jointly guide expectations, correct pro-cyclical and unilateral behavior where necessary, and curb speculation, the People’s Bank of China said in a statement.
China will strengthen the self-discipline management of dollar deposit companies, improve currency hedging services for businesses and reduce the cost of hedging for small and medium-sized enterprises, the institution said.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
