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CHINA’S central bank plans to keep the yuan basically stable against a basket of currencies, and fluctuations of the yuan against the US dollar will increase, its chief economist Ma Jun said yesterday.
Ma’s comments, posted on the central bank’s website, come amid growing concerns over how Chinese policy-makers manage the currency and stock markets after a significant yuan decline since the start of 2016. “The yuan will not show one-way moves against the dollar under the basket regime,” said Ma, the People’s Bank of China’s chief economist.
However, Ma added that the yuan will not be strictly pegged to a currency basket, though no details were given. Yesterday, China guided its yuan higher, and offshore it surged against the dollar, although Chinese stocks tumbled again.
The PBOC set the mid-point for the yuan at 6.5626 per dollar, firmer than Friday’s fix and substantially stronger than the spot yuan’s previous unofficial close of 6.5938. The yuan is allowed to stray no more than 2 percent either side of the mid-point. China’s markets have had a volatile start to the year, notably the weakening yuan and two days of stock exchange suspensions last week. Weak factory and service sector activity surveys also undermined confidence in the economy.
Global markets will be watching closely for China’s trade data tomorrow, in which exports and imports are set to drop further, casting a pall over world trade flows.
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