China Economics

China Economics Weekly

20 July, 2018

PBOC FX policy becoming more hands-on again

The People’s Bank appears to be leaning against downward market pressure on the renminbi. But the depreciation it has allowed so far will already provide a cushion for China’s exporters as they face the prospect of further US tariffs – potentially on all Chinese goods, according to President Trump today. Meanwhile, the PBOC continues to push for fiscal loosening, and property prices are rising at an unsustainable rate.

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