There is no basis for continued yuan devaluation – China SAFE’s Pan

China State Administration of Foreign Exchange’s (SAFE) New Head Pan Gongsheng crossed the wires today, commenting on the yuan exchange rate.

Key Quotes:

Will crack down on illegal fx transactions

Won't go down path of capital controls

There is no basis for continued yuan devaluation

Yuan rate v basket is basically stable

Chinese economy is in reasonable range

Will step up supply-side reforms

Feb 5, 2016

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