China Foreign Exchange Committee pledges to support the Yuan

China Foreign Exchange Committee (CFXC) vowed to support the Chinese Yuan in a meeting held in Beijing under the guidance of the People’s Bank of China (PBOC) on Monday.

Key takeaways

The meeting discussed resolutely keeping the yuan exchange rate basically stable and at balanced levels

To increase forex market resilience, strengthen forex market.

Measures announced to correct pro-cyclical market activities, deal with behaviors disrupting market orders, prevent exchange rate overshooting risks.