PBOC Vice Governor Yi expects China’s imports of Crude Oil to rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    China Central Bank (PBOC) vice governor Yi Gang was on the wires last minutes via MNI, noting that markets should expect increased yuan fluctuations, while adding that the central bank will continue to aid the yuan-internationalization process.

    Key Quotes:

    Consumption will be main driver of growth

    China’s imports of Crude Oil will rise, demand for other commodities will be strong

    Will continue to make Yuan exchange rate more flexible

    Will put more emphasis on basket regime for Yuan

    There will be increased yuan fluctuations vs. dollar

    Yuan will stable relatively stable vs. basket of currencies

    China has independent monetary policy, can still control interest rates

    Yuan internationalisation will be market driven

    Goal of internationalizing renminbi has not been changed

    Keep in mind that stability is very important

    Will maintain delicate balance between reforms and stability

    Robust growth & fx stable versus basket good for everybody
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