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13 August 2019

Yuan at right level, disorderly capital flows unlikely - Bank of China

China's yuan is at an appropriate level currently and its fluctuations will not necessarily cause disorderly capital flows, a senior official at the People's Bank of China told.

China is able to “navigate all scenarios” arising from Washington’s recent move to label Beijing a currency manipulator, Zhu Jun, head of the central bank’s international department, said.

She said China was “shocked” by the U.S. Treasury Department’s move last week to label China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade.

China is confident that the yuan will be a “strong currency” over the medium and long term, Zhu said.

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