Focus on Arts and Ecology

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U.S. Fed policy shift will not disrupt China's forex market trend: regulator

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October 22, 2021 

A shift in policy at the U.S. Federal Reserve will not change China's largely stable balance of payments conditions nor the trend of the yuan currency, China's forex market regulator said on Friday.

"China has solid macroeconomic fundamentals, and its foreign exchange market has become increasingly mature," said Wang Chunying, deputy director and spokesperson for the State Administration of Foreign Exchange (SAFE).

She added that the structure of foreign debt has been continuously optimized, and the ability to withstand external shocks has been significantly enhanced.

The comment came as the U.S. Federal Reserve moved closer to reducing monthly asset purchases and was projected by economists to raise interest rates in 2023. Its monetary tightening in 2013 led to a depreciation of the yuan when investors exited emerging markets.

(Sources: China Report)

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