PBoC official says there is a solid foundation to keep yuan exchange rate basically stable

<p>Comments from a People's Bank of China official at this press conference:</p><ul><li><a href="https://www.forexlive.com/news/chinas-ndrc-vice-chair-macro-polices-effective-still-challenges-striving-to-hit-target-20230920/" target="_blank" rel="follow" data-article-link="true">China's NDRC Vice Chair: macro polices effective, still challenges, striving to hit target</a></li></ul><p>Focused on the yuan:</p><ul><li>
Will pay more attention to changes in yuan exchange rate against a
basket of currencies</li><li>There is solid
foundation to keep yuan exchange rate basically stable</li><li>Will resolutely
correct one-sided pro-cyclical behavior for yuan exchange</li><li>Will resolutely curb
disruptions to market order, resolutely guard against exchange rate
overshooting risks</li><li><p>
China's monetary policy still has ample policy room to respond to
unexpected challenges and changes</p></li><li><p>Will continue to
implement prudent monetary policy, step up counter-cyclical
adjustments</p></li></ul>

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