A senior economist1 with China's central bank has gone on-record saying that the Chinese yuan is likely to keep appreciating and become a "safe-haven currency" amid global turbulence2.
中国人民银行一位高级经济学家公开表示,人民币可能保持增值并在全球经济动荡中成为“避险货币”。
Yao Yudong, head of the Research Institute of Finance and
Banking3 at the People's Bank of China, says there
remains4 no basis for the yuan's continued
depreciation5 as it has held
relatively6 firm against a basket of currencies.
This comes after the Chinese yuan set its central
parity7 rate above 6.51 against US dollar on Monday, the first trading day after the Spring Festival.
It was also the highest fixing rate in a month.
On Tuesday, the central party rate for yuan
rebounded8 slightly to close at nearly 6.52 per US dollar.
Earlier, the PBOC's central governor Zhou Xiaochuan also
shrugged9 off
investors10' concern, saying there was no basis for it to fall further.