The People’s Bank of China clarified on Thursday that exchange rate adjustments cannot be used as a tool to boost exports or counteract the impact of rising inflation, driven by higher commodity prices.
Key quotes (collected by Bloomberg):
“The currency market is currently balanced and the rate of the yuan could go in any direction in the future.”
“The key is to properly manage expectations, cracking down on attempts to manipulate the market or maliciously creating unilateral expectations. “
“Companies and financial institutions must adapt to a two-way exchange rate fluctuation“.