China’s SAFE: A breach of 6.4 yuan per dollar this week was normal, driven by market force

Further comments are flowing in from the State Administration of Foreign Exchange (SAFE), China’s fx regulator, as it now talks about the recent appreciative move in the yuan.

Key quotes

Will monitor and make proactive adjustments to guide market expectations amid monetary policy adjustments at major economies.

A breach of 6.4 yuan per dollar this week was normal, driven by market force.

Yuan is unlikely to persistently strengthen or depreciate, will be basically stable at balanced levels.