A 'little bit of flexibility' in the yuan currency is good for the Chi...
SHANGHAI - A “little bit of flexibility” in the yuan currency is good for the Chinese and global economies, and pressure on the yuan caused by the China-U.S. trade war would be temporary, Bloomberg quoted China’s central bank chief Yi Gang as saying on Friday.
Asked if there was a red line for the yuan, which has shed more than 3 percent against the dollar since mid-April and was flirting with the 7-per-dollar level, Yi said no “numerical number” was more important than another. “We have plenty of room in interest rates, we have plenty of room in required reserve ratio rate, and also for the fiscal, monetary policy toolkit, I think the room for adjustment is tremendous,” Yi said.
Bloomberg said Yi gave no indication that the government was considering more fiscal stimulus now to counteract the effect of the trade war.
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