PBOC: Yuan depreciation a sporadic event

FXStreet (Bali) – PBOC officials are crossing the wires, noting that the depreciation seen in the Yuan rate today was a sporadic one-off event adjustment, noting they are working to improve the pricing mechanism for yuan fixing, while increasing exchange rate flexibility.

PBOC adds that they are looking “to keep yuan at reasonable, equilibrium level”, also planning to “extend trading hours for yuan FX”, while “strengthen the market’s role in yuan fixing.”

PBOC officials are crossing the wires, noting that the depreciation seen in the Yuan rate today was a sporadic one-off event adjustment, noting they are working to improve the pricing mechanism for yuan fixing, while increasing exchange rate flexibility.

(Market News Provided by FXstreet)