Chinese state media talking up the yuan: recovering economy will return confidence & calm

<p>The People's Bank of China-backed (and hence Chinese Communist Party backed) Securities Times said today in an opinion piece that </p><ul><li>

"The process of economic recovery in the post-COVID era will
not be accomplished overnight and it requires policy support,"</li><li>
"But with gradual recovery of the broad economy, there can
be a little more confidence and calm with the yuan exchange
rate,"</li></ul><p>That's not been evident today with a sharply weaker yuan:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-72150-vs-estimate-at-73284-20230908/" target="_blank" rel="follow" data-article-link="true">PBOC sets USD/ CNY reference rate for today at 7.2150 (vs. estimate at 7.3284)</a></li><li><a href="https://www.forexlive.com/centralbank/the-peoples-bank-of-china-is-battling-to-hold-the-line-on-the-yuan-today-20230908/" target="_blank" rel="follow" data-article-link="true">The People's Bank of China is battling to hold the line on the yuan today</a></li></ul><p>Offshore yuan near a historical low:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.