Yuan remains on an appreciation track – PBOC’s Sheng

FXStreet (Mumbai) - PBOC statistics department head Sheng Songcheng stated on Thursday, the yuan will continue its appreciation in the long-term. While he commented that the world economic environment doesn’t support multiple US rate hikes.

Key Quotes:

"Yuan appreciation and a net capital inflow trend will remain intact in the long run."

"But these (Current FX volatility, outflow) factors are temporary. China remains attractive to international funds in the long term."

"The yuan exchange-rate equilibrium remains on an appreciation track."

"China's interest rates won't keep falling. US interest rates won't keep rising either. The current international environment doesn't support the US to keep raising interest rates."