Last quote about RMB

Carl Weinberg - High Frequency Economics
I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it – as the Chinese will compel them to do – then the rest of the oil market will move along with them.feedback
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Oct 26 2017
In this page you'll find all points of view published about RMB. You'll find 360 quotes on this page. You can filter them by date and by a person’s name. You can also see the other popular topics. The 3 people who have been quoted more about RMB are: Zhou Hao, Stephen Innes and Mitul Kotecha. Zhou Hao specifically said: “The signal is very clear. Inflation at that time was rising very rapidly and at this time inflation is not really an issue. Secondly, the yuan was under pressure to appreciate at that time.”.
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All quotes about RMB

Julian Evans-Pritchard - Capital Economics

A year ago people were worried about how long China's hard currency reserves would last as they were burning through them to try and support the currency. And now we have had FX reserves rising for a few months. The scope that the yuan can appreciate is limited by how willing the PBOC is to let it appreciate.feedback

Kevin Leung - Haitong International Securities Group

Manufacturing and industrial companies have seen surprisingly strong results, aided by a recovering yuan as well as demand revival.feedback

Jameel Ahmad

The combination of improving economic data in China and the ongoing weakness in investment sentiment towards the dollar, is encouraging for the yuan.feedback

Mitul Kotecha - Barclays

Stability still seems to be the prime interest here. Dampening volatility, keeping relative stability is probably going to continue to be the aim.feedback

Clement Luk

In almost every city with a price cap policy in place, if they allow developers to bundle-sell car park spaces, it is happening. In the past, in cities like Nanjing and Suzhou, many car park spaces were below 100,000 yuan, but now many cost over 300,000. Is this a natural price appreciation? Definitely not.feedback

Lubomir Mitov - Unicredit

The whole idea is to create some sense of stability in the banking system because I don't think the central bank would risk creating even minor perception that deposits are not safe. I personally would never expect that the bail in would be used here. Firstly the bank is too big, second a bail in especially of subordinated debt holders would really reverberate through the system and could be a very bad signal for the ability of the Russian banks to raise capital.feedback

Manik Narain - UBS

We saw a North Korea flashpoint a month or so ago when comments about Guam provoked a few days' reaction ... but markets don't really know how to trade a one-in-50 chance of something happening, especially as they saw recently that the story failed to intensify.feedback

Manik Narain - UBS

Since May there has been a bit of regime change in the yuan. It's not just a dollar move, it seems like they made a calculated decision to take volatility out of dollar-yuan, possibly to appease (U.S. President Donald) Trump and to keep capital outflows under a tight leash.feedback

Mohammed al-Tuwaijri

Ideally, we would be funding through project finance and bond markets and other means.feedback

Khalid al-Falih

It (The joint fund) is preliminary at this stage but the commitment from the top is there.feedback

Mohammed al-Tuwaijri

One of our main objectives is to diversify the funding basis of Saudi Arabia. We will do that through access to investors or bodies of liquidity in the markets. China is by far one of the top markets. We will also access other technical markets in terms of unique funding opportunities, private placements, panda bonds and others. We will be very willing to consider funding in renminbi and other Chinese products, and Industrial and Commercial Bank of China (SS:601398) and other divisions have shown interest for us to do that.feedback

Mitul Kotecha - Barclays

Bear in mind: In the next few months, we'll have the Party Congress. It seems unlikely that China is going to want to have a rapid strengthening or weakening of the currency ... we expect it to continue to show some stability. There might be some risks of it moving slightly lower near the end of the year if the dollar bounces, but overall, we expect the renminbi to track the dollar sideways or lower in the next few months.feedback

Larry Hu - Macquarie Group

The yuan's stability so far this year could be upset by expectations of worsening depreciation.feedback

Cheng Li - The Brookings Institution

The program sends a message to us that women should not have to give anything up just to please men. It helps that the lives of people in the series are based on ordinary women, but obviously, Ode to Joy is more dramatic, which is why it is one of my favourite shows.feedback

Frances Cheung - Societe Generale Asia

People are pretty bullish – the economy is pretty strong. People no longer worry about a 'hard landing' risk, renminbi risk.feedback

Martin Arnold

The growing concerns from the large trading banks on whether the Chinese authorities will continue with their reform agenda earlier this year probably weighed on turnover.feedback

Stephen Innes

This revelation is huge as just last week President Trump said that expanding the investigation beyond Russia would be out of bounds so with Muller broadening the Inquisition into Trump's business dealings, U.S. political risk could move to whole new level as this foxtrot plays out.feedback

Andrew Atkinson

The sharing economy is only as strong as it is in China due to cashless transactions. There are definitely questions about how they make money at 0.5 or one yuan a trip … With the immense investment these companies receive, there is really no urgency for profitability at this stage, just a fight to expand market share.feedback

Ivan Man Kuen Chung

If you want to internationalize the RMB, then the RMB-denominated assets must be available to investors. Otherwise when they hold the currency, they can only hold cash.feedback

Mario Draghi - European Central Bank

I think in the short term emerging market currencies will respond negative to tighter policy from the ECB or the Fed but in six months time whether they have gone up or down will depend on their growth performance.feedback

Paul Fage - TD Securities

It has generally been a good story this year so far. Improving global growth is one of the key factors here, that is always good for emerging markets... and dollar weakness also helps EM currencies by definition.feedback

Oyunbilig Borjigidai

From Genghis Khan to the emperors of the Yuan dynasty to the khans of the Chahar tumen, there was this single lineage. Its status and influence were much greater than those of the other tumen.feedback

Vishnu Varathan - Mizuho Bank

They want 'Goldilocks' liquidity, they want a very stable RMB ideally against dollar and trade-weighted basis ... so they are not tightening yet.feedback

Kiran Kowshik - UniCredit Research

They're sending a very strong signal that they want the yuan to be stronger. Over the past year, EM has done quite well but the renminbi has lagged behind – now you are seeing a catch up.feedback

Kiran Kowshik - UniCredit Research

In emerging markets there are a lot of things that are positive. In addition to the growth, the market is pretty relaxed on (U.S. Federal Reserve) policy right now – it seems like the Fed is not going to rock the boat.feedback

Kiran Kowshik - UniCredit Research

It's possible that S&P downgrades the local currency rating to sub-investment grade. But South Africa's external balances have improved quite significantly since last year, and that's been very important for the currency in the past.feedback

Tim Condon

The consensus viewed the introduction of the counter-cyclical adjustment factor as signalling the PBOC's desire for a stronger yuan. We thought the fixing formula tweak would 'work' eventually in persuading people that, like the rest of dollar/Asia ex-Japan, when the dollar depreciates against major currencies (DXY goes down), it should depreciate against the yuan. But we thought it would take more than one session.feedback

Chang Liu - Capital Economics

The key implication of the change to the fixing regime seems to be that officials are determined not to allow sizeable depreciation. We continue to believe the renminbi will appreciate against the dollar, particularly if the former starts to weaken on a broad basis.feedback

Christopher Balding

The only logical explanation for the change is that they are trying to provide greater discretion in managing the yuan's value.feedback

Chen Long

The decision may institutionalise the authority's window guidance to fix the yuan rate.feedback

Sam Xu

In terms of global money centres, there's only London and New York. Given the geographic location of New York compared with London, and less passion from the Americans for the project, London's expertise and the infrastructure will ensure the UK plays a very important role. People in China do follow the election and Brexit, but in general people there are still evaluating the real impact. Business is business, and so far I havent seen any Chinese client that has let Brexit get in the way of that. Most banks in the western hemisphere now use London as their renminbi centre. Even us.feedback

Douglas Feagin - Ant Financial Services Group

Introducing local-currency mobile payments to Hong Kong is an important step forward in Ant Financial's mission to bring our services to more users in more markets. We are looking forward to rolling out a wide variety of payment-related services for local users in Hong Kong.feedback

Yukio Ishizuki - Daiwa Securities Group

The rise in Treasury yields is supporting the dollar. It appears that speculative buying of Treasuries has run its course, with Trump concerns and geopolitical risks no longer fresh news.feedback

Masahiro Ichikawa - Sumitomo Mitsui Asset Management

Currencies are reacting quite calmly, as China is still seen to have enough reserve strength for further fiscal spending.feedback

Hsu Yu-jen

I think it's an important and monumental decision. And I want to urge the president and my colleagues in the Legislative Yuan to move ahead with this and show Taiwan's progressive values to the world.feedback

Yu Mei-nu

If the grand justices make a decision that is not very clear, and it depends on a legislative yuan [parliament] vote, then it will be difficult. I think most legislators will abstain. We want her (Tsai) to be braver. If she can come out and say 'yes I support it' then it will be passed.feedback

Mike Prew - Jefferies

The Chinese Government is limiting capital export with the People's Bank of China hiking deposit rules and the authorities are now going after overseas yuan bank deposits down to $5m. The best way to avoid forced repatriation is to store it in a building wrapped up in congealed cash in the English legal system.feedback

David Wei

Thailand is hot right now because of the capital controls. Homes in Thailand range from 300,000 yuan (about $43,000) to 1 million yuan. That is relatively cheap.feedback

David Chen

To buy a two-bedroom unit you'd need at least 1 million yuan for a downpayment and I can't afford it now.feedback

Yang Renyi

If we managed to get a large area of land to grow oilseeds, we possibly will spend at least 200-300 million yuan there.feedback

Sheng Songcheng - People's Bank of China

After breaking and even reversing expectations for yuan depreciation, there are signs of a trend of capital returning to China.feedback

Louis Kuijs - World Bank Group

We expect the CNY (or yuan) to come under pressure again at some point, notably at times of another global strengthening of the USUS$. We still do not rule out further tightening if the pressures on the FX market were to rise substantially again.feedback

Tom Toles

In a breakthrough trade agreement, President Trump agreed that China is no longer a currency manipulator in exchange for China opening its markets to Ivanka Trump merchandise. China will also grant trademark rights to Ivanka Trump in exchange for the opportunity to actually manufacture all of her merchandise and then sell it back to the United States at variable discount rates denominated in renminbi.feedback

Alex Capri

I think the long term plans for China, if you look at their 5-year plan to develop in terms of high technology – you know, the China 2025 plan – the renminbi is a very important part of that. They want the renminbi to be a major currency for trade, for transactions, so it's not really in their interests, medium-term, to devalue it.feedback

Yacov Arnopolin

Some of the concerns around the policies of the new Trump administration, on trade and on China, have not been put to rest necessarily but they have been mitigated some what. A stabilisation of China's economy and the renminbi has also been a positive.feedback

Yi Huiman - Industrial & Commercial Bank of China

This year, we plan to use 65 billion yuan in provisioning to resolve nearly 200 billion yuan in NPLs.feedback

Gary Ge Yongchang

The accelerated IPO pace in China heightened our hopes for a share sale at home. When people go shopping, value for money is always their goal since they want to find the best products at the lowest prices. We aim to expand our businesses to better tap the vast consumer market. Our role in the e-commerce sector is to provide accurate marketing for retailers seeking to reach their target customers and help customers find the best products. We have the technology that makes us well received by both buyers and sellers.feedback

Yang Zhao

The higher U.S. rates and tightening of U.S. monetary policy could trigger further capital outflows and have some negative impact on China's financial system, . I think they want to stabilise the currency at this time.feedback

Alicia Garcia Herrero - Natixis

The timing says it all. China is no longer insulated from the Fed and, more generally, from international financial conditions.feedback

Ken Cheung - Mizuho Bank

The OMO yields hike should be supportive to the CNH side, no matter (whether) it is rate hike or not.feedback

Li Keqiang

China "does not want to see any party compelled to take sides under the influence of a Cold War mentality. China-US relations have been going forward despite various twists and turns in recent decades, so I'm optimistic about the future of this relationship no matter who gets elected. The depreciation of the Chinese Yuan against the dollar is quite modest. China has no intention to devalue its currency to boost exports… [and] China has no intention to fight any trade war either. Almost every year I have heard a prediction of the Chinese economy having a hard landing.feedback

Tim Condon

Like those earlier ones, we expect February's to be a one-off and the full-year trade surplus will be close to 2016's 3.4 trillion yuan.feedback

Yu Yongding

Trump is threatening China as a currency manipulator, and we can't give him evidence [for such allegations].feedback

Shen Jianguang - Mizuho Securities Asia

The capital controls will hurt the yuan's status and reputation. In the past two years, the status of the yuan as an international settlement and valuation currency, as well as the scale of the yuan's fund pool offshore, have fallen.feedback

Chen Zhiwu

Zhou attaches great importance to capital account opening and the internationalisation of the yuan ... he is trying to have own his legacy. But the No 1 job given to him is to maintain stability ... everything else is secondary.feedback

Geng Shuang

China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi. If you must attach the label 'grand champion' to China, then I think China is a grand champion. But we are the grand champions of economic development.feedback

Masahiro Ichikawa - Sumitomo Mitsui Asset Management

There are strong expectations on tax cuts in the U.S. markets. On the other hand, the chance of a Fed rate hike in March seems limited, which is also helping shares.feedback

Julian Evans-Pritchard - Capital Economics

With $3 trillion viewed by some as an important threshold, this decline will likely spark renewed debate over how long the People's Bank can continue intervening to support the renminbi. Our view is that the PBOC can afford to keep selling FX (foreign exchange) at the current pace for a long time.feedback

Wayne Gordon - UBS

If you have a weaker currency, things that are more exogenous to just the politics of exchange rates begin to work a bit more in favour of (certain outcomes), for example capital flows out of China, which is really what's putting a lot of pressure on the yuan over the last year or so.feedback

Christine Lam

China's bond market is exciting and dynamic as China accelerates the internationalization of RMB.feedback

Chester Liaw

With FX reserves below US$3 trillion, we can expect capital controls as well as tightening yuan liquidity to continue, as the authorities try to avoid a further drawdown.feedback

Jason Daw

Risk premia should remain elevated as the market grapples with U.S. policies, with Asia in particular risk from protectionism. Beijing's ultimate goal is to let the (yuan) reach a market clearing price sooner rather than later, albeit without a major one-off devaluation during the process. This is already challenging enough and now the potential policy mix from the Trump administration has further complicated the task.feedback

Jason Daw

A rising dollar and an unrelenting desire for FX diversification by local residents means more (yuan) depreciation pressure.feedback

Zhou Hao - Commerzbank

The signal is very clear. Inflation at that time was rising very rapidly and at this time inflation is not really an issue. Secondly, the yuan was under pressure to appreciate at that time.feedback

Cristian Maggio - TD Securities

The slide in the renminbi that we saw last year has reversed in January - the local authorities want to provide more support for the currency against the dollar or other currencies they have trade flows with. In the long term (FX purchases) is a respectable goal that will add to Russia's strength and give the government some additional budget discipline. But at the same time it will help weaken the currency, smooth volatility, and reduce the correlation between the dollar/rouble exchange rate and oil prices.feedback

Michael Moore

Yuan internationalisation will continue to benefit from major financial infrastructure milestones, such as the Cross-Border Interbank Payment System and additional yuan offshore clearing centres.feedback

Shen Jianguang - Mizuho Securities Asia

Overseas merchandise buyers became reluctant to accept yuan against the backdrop of yuan depreciation. The Chinese government also doesn't want to see more yuan outflows, as they could be quickly converted into dollars and in return increase pressure on the exchange rate. Exchange rate stabilisation has overriden yuan internalisation to be the major task [of the People's Bank of China], at least for 2017.feedback

Don Rosenberg

These filings by Apple's Chinese subsidiary are just part of Apple's efforts to find ways to pay less for Qualcomm's technology. Apple was offered terms consistent with terms accepted by more than one hundred other Chinese companies and refused to even consider them. These terms were consistent with our NDRC [National Development and Reform Commission]Rectification plan. Qualcomm is prepared to defend its business model anywhere in the world. We are proud of our history of contributing our inventions to the development and success of the mobile communications ecosystem.feedback

Xia Haojie

Low interbank yields don't reflect real borrowing costs in the real economy and have to trend higher, otherwise easy funding would only be used by financial institutions to make speculative arbitrage. Meanwhile, yuan depreciation pressure also puts upward pressure on Chinese yields.feedback

Li Zhuang

The good thing is each of us get around 6,000-9,000 yuan in extra bonus this year.feedback

Zhou Hou - Commerzbank

Today's move seems to suggest that liquidity conditions are tighter than authorities' expectations, as capital outflows remain strong. But in the meantime, an outright easing will add pressure on the yuan exchange rate as well. That could be the reason behind today's strange move, and till now the central bank has not yet verified this piece of news.feedback

Zhang Bin

Actually, a one-off devaluation [of the yuan] doesn't need to be big, and [the currency] may rebound as well. By doing this it will help the domestic economy.feedback

Zhang Mingyu - YJ Investment Management

Forex reserves are valuable assets that [China] can use at critical times. It's a pity that they are being sold heavily in the market. It should be the last resort.feedback

Tim Condon

It would be a surprise – and at odds with supply side structural reform – if most of the seasonal increase were not withdrawn in the three weeks following the week-long holiday.feedback

Zhou Hao - Commerzbank

Today's move seems to suggest that liquidity conditions are tighter than authorities' expectations, as capital outflows remain strong. But in the meantime, an outright easing will add pressure on the yuan exchange rate as well. That could be the reason behind today's strange move.feedback

Lucy Qiu - UBS

Selling Treasurys will temporarily boost CNY [the yuan] versus the U.S. dollar and that might please sentiment directly.feedback

Cristian Maggio - TD Securities

In terms of Trump and the impact on emerging markets, the market is still trying to figure out what will happen. There are still a few more days before he is sworn in. China is a big player and Trump's rhetoric so far has been quite aggressive against China. Currencies are bouncing back and forth, and the renminbi is not immune from these fluctuations.feedback

Xi Jinping

China has no intention to boost its trade competitiveness by devaluing the renminbi, still less will it launch a currency war.feedback

Ben Bernanke - Federal Reserve System

One of the things the candidate said he would do was label China a currency manipulator, which means that China is keeping its currency artificially low in order get an advantage in exports. Of course, China right now is working very hard to keep the renminbi from falling. So it's a little bit inconsistent.feedback

Ben Bernanke - Federal Reserve System

It is a dangerous thing to try to interfere too much with our trade and I'm hopeful that this will be a very cautious process.feedback

Ben Bernanke - Federal Reserve System

I think what we're going to see is a lot of internal dissension, where different points of view are fighting it out within the administration and the president is sort of broadcasting to the public what he's thinking in the moment. So there's a lot of uncertainty.feedback

Ben Bernanke - Federal Reserve System

That case is weaker now because we're closer to full employment. There is still a case for fiscal policy but it's less in terms of large of amounts of spending and more in terms of smarter policy.feedback

Marc Chandler - Brown Brothers Harriman

There may be no good options with the yuan. Slowing the decline can be costly. Allowing the full decline would be disruptive.feedback

Marc Chandler - Brown Brothers Harriman

If they step away from the intervention to support the yuan and let it fall, it would likely spur a speculative attack.feedback

Jean-Charles Sambor - BNP Paribas

All they wanted to do is to create some uncertainty and to make sure that investors don't think the yuan is a one-way street.feedback

Richard Benson

A lot of hedge funds do fund themselves overnight, but most people are in the three-month plus area, and it doesn't affect them. Spot movement is spot movement, and you aren't forced to do anything.feedback

Jean-Charles Sambor - BNP Paribas

The long-dollar trade was a consensus trade by real money and by global macro funds, so it wasn't a huge leveraged play on yuan weakness.feedback

Stuart Gulliver - HSBC

The June update... was prior to changing views on where the renminbi would be, and China's GDP has slowed, so all we are saying is the redeployment will take longer.feedback

Luke Spajic - PIMCO Investment

Over the year, our base case is for the yuan to decline against the U.S. dollar by a mid- to high-single-digit percentage. However, we also think the possibility that the PBOC will allow the yuan to float freely, or at least widen its trading band, has increased.feedback

Qu Lijian

I only considered BYD and BAIC. I definitely can't afford the 300,000-600,000 yuan price of a luxury-style Tesla or prDenza.feedback

Moh Siong - Bank of Singapore

A more protectionist tilt in U.S. trade policy could trigger a trade war. This in turn could result in bigger-than-expected renminbi depreciation.feedback

Eric Robertsen - Standard Chartered

But the market doesn't see it that way. A break of $3 trillion will lead to a picked up pace of capital outflows and the PBOC has to manage that situation.feedback

Eric Robertsen - Standard Chartered

The onshore investor community is heavily long fixed income and the interbank community has deployed quite a bit of leverage in expanding their balance sheets. For them to either tighten monetary policy explicitly or tighten onshore liquidity conditions through either onshore or offshore liquidity measures in the interest rate and foreign exchange markets will have a significant impact on investor liquidity onshore.feedback

Eric Robertsen - Standard Chartered

Getting capital out of the country has frankly become much more difficult. They're working very hard to make sure that is done in a way that is according to the rules and regulations. This whole program or agenda of the internationalization of renminbi takes a step backwards and we know that is a major part of their policy agenda and a major part of their reform agenda.feedback

Eric Robertsen - Standard Chartered

We've started the year with some fireworks in the currency. We've seen a meaningful decline in reserves over the last two years, largely as a function of FX intervention. If they continue to intervene in the FX markets, they will categorically take the FX reserve number through $3 trillion.feedback

Mark Williams - Capital Economics

It's an open question how much (the Chinese currency) will have to drop before market pressure dissipates but it is probably closer to that point today than it was a year ago.feedback

Carl Weinberg - High Frequency Economics

The drama being played out in the currency market reads like a Hollywood script.feedback

Linus Yip - First Shanghai Securities

The dollar was still on track to rise this year and its influence on the Hong Kong market is not over yet. The sharp rise in offshore yuan last week gave the stock market an excuse to rise, but the overall influence isn't a lot in the long term.feedback

Patrick Bennett

Capital outflow will be a multi-year process as private investors build holdings of offshore assets. This in and of itself should not be feared. But it will in the medium-term keep depreciation pressure on the yuan.feedback

Stephen Innes

Despite some semblance of order emerging, we should expect volatility to remain high. Underlying yuan depreciation pressures should return as fundamental reasons that are driving depreciation, such as capital outflows and concerns on Trump's China policies, haven't changed.feedback

Murat Toprak - HSBC

The [U.S.] central bank is talking about the possibility of tightening further because of Trump's fiscal plan but at the same time, there is some cautiousness in the minutes about what kind of plan he will be able to pass. The market has retained this pinch of salt as regards the outlook: There are too many uncertainties to draw a strong conclusion at this point.feedback

Junichi Ishikawa - IG Securities

The yuan was a key catalyst that bears watching but it is not the only factor. There were large amounts of dollar long positions, particularly against the euro and yen, that found an opportunity to be unwound.feedback

Jakob Christensen - Danske Bank

Bond investors are quite concerned about their holdings in Turkey ... People are questioning whether the central bank will have the independence to fight the rise in inflation.feedback

Jakob Christensen - Danske Bank

The developments we have seen in the offshore money market are a sign of the authorities trying to make it more expensive to short the offshore yuan. It seems like they are squeezing out the shorts and they are succeeding with that.feedback

Marco Streng

If something goes up very rapidly ... people make a lot of money, and at some point they're going to want to sell, in order to realise their gains.feedback

Tapas Strickland

These moves caused a massive spike in (offshore yuan) and (onshore yuan) funding costs, which has led to a liquidation of long dollar/off-shore yuan and dollar/on-shore yuan positions.feedback

Richard Benson

The Trump bears kept quiet in December because there was no point in fighting the battle then. They seem to be emerging now. It is not just against the yuan. It looks to me highly suspicious that dollar can't get below $1.0375 (per euro).feedback

Richard Benson

This isn't economics. China desperately doesn't want a repeat of what happened this time last year (and it seems) attack is the best part of defense.feedback

Louis Kuijs - World Bank Group

There has been quite a bit of anxiety and speculation because the way many people in China talk about it is 'will the government defend the 7-per-dollar level or the 3 trillion dollar.feedback

Jerry Hu

Previously, capital controls had been relatively loose and authorities had turned a blind eye to individual forex purchases because of abundant foreign exchange reserves. But they are now strengthening supervision in order to change expectations.feedback

Dwyfor Evans - State Street Global Markets

Chinese officials have few policy options. If they allow faster depreciation, this will only spur pressures for greater outflows. And a one-off devaluation risks a repeat of the market turbulence evidenced twice in the past 18 months.feedback

Kyosuke Suzuki - Société Générale

Some people say the 'Trump rally' has come to an end already. Others say the real rally will begin after he takes office. It's not clear what the market's next theme will be.feedback

Ngan Kim Man - China Everbright Bank Company

Short-term interest rate is too high now, with overnight borrowing cost of the yuan surpassing 40 per cent. If yuan short sellers do not square their positions, they will see losses immediately as the funding cost is really high.feedback

Geoff Lewis

I think what we're talking about here is a renminbi which weakens in line with other currencies. There's no harm in that. I don't think Beijing will try and resist that. The capital account is relatively poor. China still has enough reserves to prevent the renminbi from crashing.feedback

Mirza Baig

I think it is not of huge significance to the market, because it does not convey the full picture of Chinese authorities' intervention in the foreign-exchange market. This is partial information and it has become a less important market driver. The market does not move on this number much anymore.feedback

Paul Gordon - Quantave

Given that the yuan's weakness over recent months seemed to correlate with bitcoin's strength more than any other currency, it's no surprise that bitcoin traders have reacted the way they have to the yuan's sudden strength today.feedback

Peter Smith

Once we broke through the nominal all-time high, liquidity dried up - no shorts, no sellers, which means a volatile little bubble formed quickly. We are seeing the effects of that now as it breaks. It's still fairly thin trading volume though, so who really knows where it goes next.feedback

Yukio Ishizuki - Daiwa Securities Group

Recent economic data is pretty good so markets are in risk-on mode overall and the dollar is supported. But U.S. bond yields are being capped so the dollar is losing the driver behind its rally.feedback

Liao Qun

The depreciation expectation of the yuan remains and it takes time for investors to rebuild their confidence in the Chinese currency. Meanwhile, China has been making efforts to control capital outflows.feedback

Ken Cheung - Mizuho Bank

Trump's actual policy delivery and his stance against China are critical to the dollar and yuan direction in 2017. While China-U.S. tensions have been heating up in December, any provocation from Trump's administration after he takes office will easily escalate the risk of a trade war and spark a heavy CNH sell-off.feedback

Liao Qun

The dwindling offshore yuan pool and controls on capital outflows have led to the elevated Hibor rates recently.feedback

Zhou Hao - Commerzbank

The movement yesterday was not triggered by an outright intervention from PBOC. Alternatively, it is more like a knee-jerk reaction as there were massive stop-loss flows in the market. These wild movements of USD-CNH indicate that the market will remain volatile in the short term, but won't change the fact that yuan is under pressure to weaken.feedback

Yang Zhao

You can't buy real estate. You can't purchase anything. Basically you can only park that FX in your deposit account onshore with interest rates that are very low.feedback

Sheng Songcheng - People's Bank of China

In the past two years, depreciation pressure on the yuan has been high, but (China) hasn't changed foreign exchange management rules. If you change the rules now, there will be market panic. To stabilize the forex rate, you need to strongly emphasize to everyone, I won't change (the rules).feedback

Manik Narain - UBS

You don't usually think of China being in that pocket of vulnerability.feedback

Roger Hallam - JPMorgan Asset Management

Being bullish on the dollar as we are, we see the renminbi continuing to weaken next year. We are at 6.90 (yuan per dollar) now. If you look at the 3-month forward it says (we will reach) 7.0. So something closer to 7.25 next year is not unreasonable.feedback

James Kwok - Amundi

We closed our short position in Chinese yuan recently. I don't think in any single year the currency can go so far when the current account surplus is still there.feedback

Richard Benson

There's not the same euphoria as there was in January. So many people got their fingers burnt and they have clearly been trying to engineer a December calm. For us it is a reasonable opportunity. A slow and gradual depreciation. It's a simple dollar bull trade, played through offshore forwards.feedback

Xu Sitao - Deloitte

The best strategy is to let the yuan fall in full, and the worst strategy is slowly depleting foreign exchange reserves.feedback

Jin Baisong

The Chinese authorities are too indecisive about the exchange rate policy.feedback

Yu Yongding

The fear of the yuan's depreciation has become a burden for us.feedback

Liao Qun

The pressure on yuan to fall is short-term ... from the Fed rate rise and Donald Trump's potential expansionary fiscal policy. China's economic fundamentals indicate that the yuan should appreciate in the long run ... it's unnecessary to cause market volatility because it could hurt confidence in the Chinese economy and the yuan's global ambition.feedback

Mirza Baig

The Singapore dollar is a basket, which is tied to the yen, the renminbi and the dollar, whereas Indonesia is a very commodity intensive economy. If commodity prices are stable or stronger, then essentially that supports the Indonesian economy. The Singapore dollar is tied much more to the basket and therefore will continue to weaken.feedback

Norman Chan

When the market condition becomes stable, the capital flow will be back to normal.feedback

Julian Evans-Pritchard - Capital Economics

Regulators have a lot of control over what happens to those deposits, and they can control the rate of inflows into onshore FX deposits.feedback

Zhang Yuting

Expectations of capital flight are clear. I might exchange more yuan early next year, as long as I've got money.feedback

Chester Liaw

China has been selling dollars to keep the yuan steady while Japan is very happy to let the yen depreciate.feedback

Zhou Hao - Commerzbank

China has been consciously cutting its holdings of U.S. Treasuries, to defend the yuan, and it's hard to stop this trend.feedback

Lukas Paravicini

Bank of China has strong liquidity in renminbi and its local presence and knowledge offer us additional benefits in the rapidly developing Chinese financial markets. Having local funding arrangements is a natural extension of our activities in China.feedback

David Lei Wang

We see great opportunities in developing more renminbi (RMB) products and tapping into China's debt capital markets on behalf of New Zealand financial institutions and government agencies.feedback

Peter Kinsella - Commerzbank

The question people are looking at is whether they are concerned about the dollar, and if they say the dollar appreciation presents medium-term risks we will have to wonder if one-to-two rate hikes next year make sense. The risk-reward of long dollar positions looks poor ... it's all baked into the cake.feedback

Peter Kinsella - Commerzbank

It's a seasonal effect. Coming into January we will see fairly large capital outflows and if you look in the past two months, reserve drawdowns have been very significant ... so we could well come into January-February with reserves under $3 trillion.feedback

Peter Smith

Alternative assets like bitcoin do well when the world is unstable. It looks like the world is getting a lot more unstable.feedback

Peter Smith

What we have and in the last four months is consistent week over week growth. This quarter, our consumer business will almost double.feedback

Sheng Songcheng - People's Bank of China

It's neither necessary not likely to raise interest rates at the present, given that the economy has just stabilised and liquidity may get tight towards the year-end.feedback

Sergei Shvetsov

It will definitely take place, but I don't have information about whether it will be a deal or non-deal roadshow.feedback

Stephen Innes

The market is more fixated on an unfiltered pricing 'glitch,' which shows how incredibly sensitive the market watcher is to potential spill-over effects of Trumpenomics. Question the validity of the online prices, in particular through non-transactional resellers of currency data.feedback

Kyle Bass - Hayman Capital Management

China's capital outflows are worse than they appear, which is why the government has allowed the RMB to depreciate over the last two months. We believe this pressure will continue with the prospect for higher interest rates in the U.S.feedback

Wang Zhenying

Depreciation triggers capital flight, and capital flight exerts even bigger pressure on the yuan. Therefore, it's necessary to break this feedback loop.feedback

Emma Yu

Some brands price their products in China closer to the overseas markets, such as Chanel. If there's only a few thousand yuan difference, I would just buy it at home.feedback

Nicholas Yeo

Yuan devaluation has encouraged outflows from the mainland and that could heighten volatility in Hong Kong.feedback

Gu Weiyong

The stress could continue for a while. Whether the situation gets better depends on the willingness of the central bank to inject more liquidity into the system.feedback

Luke Zhang

Previously, only forex transfers worth USD50 million or more needed to be reported to SAFE. Now, the threshold has been drastically lowered to USD5 million, and covers both foreign currency and yuan. All we can do is to ask clients to be patient, and tell them that the transaction is being vetted by SAFE for authenticity and may not be approved.feedback

Wang Zhenying

At the moment, the fall in the yuan's exchange rate is shaping market expectations. Depreciation triggers capital flight, and capital flight exerts even bigger pressure on the yuan.feedback

Roxanna Hulea - Société Générale

The price action we're witnessing now is very susceptible to these dollar swings and the upside in U.S. Treasuries. Our bias remains for weaker emerging market currencies over the coming quarters.feedback

Roxanna Hulea - Société Générale

Temporarily they are out of the firing line and safe with just delivering a hawkish message.feedback

Roxanna Hulea - Société Générale

The collapse in FDI (foreign direct investment) is negative for Turkey's growth over the medium to long term. That's caused by political concerns with the purge and I don't see a near term end to this.feedback

Simon Quijano-Evans - Commerzbank

It's really more of a dollar strength story - if you compare the dollar to the euro or the yen, then the weakness isn't restricted to emerging markets currencies. The central bank is showing it doesn't really want to waste its FX reserves on something that it cannot influence at the moment.feedback

Geoffrey Yu - UBS

I still think that's more of a dollar move, and they (the Chinese authorities) are allowing that to be reflected more than anything else, but it's important for them to try to ensure things are under control.feedback

Geoffrey Yu - UBS

I don't think people are ready to turn around on the dollar yet.feedback

Richard Cochinos - Citi

The dollar is taking a pause but with good reason - the U.S. is on holiday tomorrow and it's going to be a very light day the day afterwards. Investors will probably end up coming back on Monday to refocus not so much on the dollar and the U.S. story but more what are their expectations for Europe going forward.feedback

Michael Moore

The general slowdown of the Chinese and world economies over the past few years has impacted global trade growth across all currencies, not just the yuan. On a positive note, the inclusion of the yuan in the Special Drawing Right (SDR) basket should generate further trust and confidence in the RMB currency and support further yuan internationalization.feedback

Yu Yongding

We have capital controls as the last line of defense. It is not necessary for us to worry too much about the short-term and volatile depreciation in the yuan.feedback

Yu Yongding

Preventing the yuan from reaching market equilibrium is objectively a rejection of raising the cost of capital flight. It even encourages capital flight.feedback

Manny Cruz

The dollar continues to move higher today and that has triggered some selling in the Asian markets.feedback

Stephen Innes

Traders are positioning for another USD leg higher, despite concerns that we are nearing a near-term pinnacle from the USD positivity of Trump mania. Up until now, the People's Bank of China has been unperturbed about the sliding yuan, but may be concerned about the rapid pace of the depreciation enough to 'pump the brakes,'.feedback

Zhirui Ji - Thomson Reuters

It (the buying) could be driven by the panic in reaction to the recent depreciation of the yuan.feedback

Roxanna Hulea - Société Générale

We do consider Turkey as being one of the least protected during this renewed pressure on EM.feedback

Roxanna Hulea - Société Générale

It is a market consensus that the peso is undervalued, but because it is at the eye of the storm it is very difficult to advocate bottom fishing at this point.feedback

Jason Leinwand

I don't think his case holds water in terms of him labeling the country as a currency manipulator. They're doing everything they can to open up their market to make it more global.feedback

Brad Setser - Council on Foreign Relations

This isn't the right time to signal that China's long-standing exchange rate management has crossed over the line and become manipulation. If China responded by ending all exchange rate management – no daily fix, no band, no intervention, a true float – the renminbi would certainly fall, and potentially fall by a lot.feedback

Todd Lee - IHS

In the mid-2000s, it was undervalued. That's no longer the case now.feedback

Jason Leinwand

It's been weakening pretty steadily. I think the weakness continues until we see China have a rebound in growth, and I think the rebound in growth will come out of the export market.feedback

Patrick Bennett

It was about where we thought it would be. It's in line broadly with the dollar being firmer.feedback

Roger Bridges - Nikko Asset Management

Given that I think the U.S. dollar has broken through the last December's highs, we could see further strength in the U.S. dollar and that could put further weakness onto the yuan, particularly against the U.S. dollar.feedback

Jason Daw

While the PBOC might prefer to slow the pace of depreciation, the dollar trend is a key factor in their decision process. Additionally, yuan trading volume remains elevated, which typically coincides with more capital outflows and yuan depreciation pressure.feedback

Zhou Xiaodong - Icbc

The association will facilitate adequate yuan liquidity for trading and investment between the local and Chinese economies. This will also lead the way for future product developments.feedback

Larry Hu - Macquarie Group

This kind of mild depreciation could not help much on exports, but would certainly force capital controls to escalate and the RMB internationalization to reverse.feedback

Larry Hu - Macquarie Group

If protectionism does escalate globally, China might retaliate by allowing for bigger RMB depreciation. It would be a trade war and hurt everyone.feedback

Jolyon Ellwood Russell

The recent yuan weakness has meant that they are being used heavily.feedback

Michael Every

Trump is likely to encourage a large CNY (Chinese yuan renminbi) devaluation ahead, ironically the opposite of what he wants to see. Once it (the renminbi) finds a more natural - and lower - level, it might become more popular as a reserve, though that will still be tricky unless China runs a trade deficit rather than a surplus.feedback

Michael Every

We need significantly more detail before we can draw conclusions on the relative stability of the dollar and the change in preference from USD to RMB would not happen overnight, it would be a gradual change over the course of the next few years.feedback

Alex Dryden - JPMorgan Chase & Co.

It is possible that Trump could boost renminbi as a reserve currency as the relative safety of the U.S. dollar comes under question due to the uncertainty surrounding President Trump. Some of Trump's rhetoric surrounding negotiating the U.S. debt burden, for example, could damage the U.S. dollar as a reserve currency.feedback

Daryl Guppy

No longer is the U.S. dollar the only haven of safety. There is an alternative – renminbi.feedback

Daniel Zhang - Alibaba Group Holding

Back in 2013, 35 billion yuan (US$5.15 billion) was our one-day GMV (gross merchandise volume). Now we can achieve it in one hour.feedback

Stephen Innes

The PBOC is caught between a rock and a hard place in the face of a strong U.S. dollar and huge waves of capital outflows.feedback

Ma Xiaoping - HSBC

Liquidity in the interbank market has tightened some, but looking at M2 growth it is not that low, so I think overall policy is neutral. We can't say there's been tightening.feedback

Mark McFarland

The RMB internationalization drive may receive a boost if the U.S. becomes more isolationist and China's political standing increases.feedback

Zhang Yuting

For this year's Singles' Day, I'm going to spend at least 10,000 yuan ($1,473).feedback

Ronald Leung

We expect demand for physical gold to go up as people will be going for safe haven buying. If the renminbi continues to depreciate, of course demand for gold will be there.feedback

Mark Wills - State Street

Any currencies that are highly linked into the trade cycle will probably react badly in a Trump victory. The Australian dollar, for example, and the renminbi.feedback

Dmitry Medvedev

In this respect, this kind of cooperation is very useful because in this situation no one will be able to block the development of financial traffic. I believe that the use of the yuan in mutual settlements, the use of positions opened in yuan and rubles, mutual financial transaction technologies, and the use of co-branding cards - all of this is very useful for our countries.feedback

Keith Pogson - Ernst & Young

One of the real things is just nexus. Canadian banks have historically not been as big in the China sphere - panda bonds give you an onshore hedge, so it is really whether you need the RMB.feedback

Huang Qing - CreditEase

Over the past year, we have helped many clients allocate their wealth into U.S. dollar assets, and the biggest obstacle we encountered was how to move renminbi overseas in a proper, legal manner.feedback

Yu Yongding

The yuan will eventually appreciate, but it is hard to predict the time.feedback

Rupert Hoogewerf

Prices have been booming in China, which has been driving some people overseas.feedback

Rupert Hoogewerf

There's been a real focus on America, driven by the devaluation of the yuan against the dollar. Last year people were speculating about a falling yuan but this year its been right there in front of their eyes.feedback

Wu Kan

Generally speaking, the market is relatively stable, as investors pin hopes on the success of state company reforms despite short-term risks from yuan depreciation and rising money market rates.feedback

Stephen Innes

The market is starting to get a bit nervous about further weakness in the yuan, which could lead to greater capital outflows.feedback

Norman Chan

We believe the expansion of the scheme from seven PLPs to nine PLPs, with the total PLP facility increased from 14 billion yuan to 18 billion yuan, will further strengthen the liquidity and resilience of the CNH market.feedback

Sam Lynton-Brown - BNP Paribas

That highlights the extent to which dollar gains are unlikely to be as extended as they were (in the past). As the dollar pushes higher against the yuan, which has a large weighting in the Fed's exchange rate, it means the Fed is going to be more likely to rein in some of its more hawkish rhetoric, because of the strong dollar, negative risk feedback loop.feedback

Shinichiro Kadota - Barclays

Strong U.S. manufacturing data boosted U.S. bond yields and supported the dollar.feedback

Li Huaizhen

We want to bundle all the resources of different private businesses to play a leading role in the Chinese economy.feedback

Li Huaizhen

We are looking at quite a few segments, encompassing financial and industrial assets. We are already heavily involved in new energy, property management, prefabricated construction, investment banking, leasing and insurance.feedback

Luis Costa - Citi

In general there's still the fear of the effects of depreciation. The recent moves on the fixing are bringing back memories from 2015.feedback

Per Hammarlund

Because of the political uncertainty the lira is prone to sell off. The Turkish economy is going through a soft patch too - recent indicators suggest it's not firing on all cylinders.feedback

Luis Costa - Citi

The ECB injected more uncertainty than anything else. This is enough to disturb the market... It's probably a pause in the market in terms of risk-taking.feedback

Yang Hai

Further yuan depreciation, which many people expect, is good for exporters, but it will also have a negative psychological impact and curb risk appetite. I don't see a big trend forming, either upward or downward. The market will likely to remain rangebound in the fourth quarter.feedback

Jurrien Timmer - Fidelity Investments

The transmission mechanism for the last problems when the Fed raised rates last December … was that the Chinese yuan was overvalued, then that went down, you had the whole capital flight thing and tightening of financial conditions. This time, the yuan has already devalued, so that's sort of out of the way, so I think the market can actually handle it.feedback

Wesley Yang

The inclusion of the yuan helps reduce the volatility of SDR's exchange rate and therefore makes the value of SDR more stable. These SDR bonds, to be settled in RMB, will help promote SDR financial instruments, provide a channel for investors to invest in foreign currency bonds in the onshore market, and offer more diversified bond products in the market.feedback

Prayuth Chan-ocha

On the economic side, whether it's the stock market, trade, investment and business sector, please don't stop.feedback

Amy Yuan Zhuang - Nordea Markets

We have only seen two or three days of net outflows from the local equity and bond markets and the sizes are not very big.feedback

Jane Foley - Rabobank International

We have got a stronger dollar and that is the market now pricing in the likelihood of a December U.S fed rate hike. The other theme is the weakness of Chinese exports. That does help turn the spotlight on the recent weakness of the yuan. Then of course there is sterling.feedback

Stephen Gallo - BMO Capital Markets

(This data) is not good for the renminbi but it will also weigh on U.S. treasury yields.feedback

Shen Weizheng - Ivy Capital

Real estate is very important to China's economy. Now that property sales are restricted, many industries would be hurt, including appliance makers, car companies and furniture producers.feedback

Andy Lin

I had estimated a selling price of 63,000 yuan before. It's now dropped by around 20 per cent. At this price, a 62 per cent selling rate is very low.feedback

Colin Platt

There were several technological advancements demonstrated, some of which could be promising avenues to increase the number of transactions that the bitcoin network could process. These new advancements could once again position bitcoin to continue to innovate and sustain higher transaction rates which could foster wider adoption.feedback

Charles Hayter

The Chinese central bank's decision not to intervene in stabilising the yuan means traders are running scared. Bitcoin is a port in the storm.feedback

Raymond Yeung - ANZ

In my estimation, banks would need to fill gap of 1.4 trillion yuan in the worst case scenario. A simple tax waiver from the government would take care of this gap and so this is unlikely to cause financial instability.feedback

Liza Ermolenko - Capital Economics

The bigger picture is that growth weakened over the first two months of Q3 and September's manufacturing PMI suggests that activity remained sluggish at the end of the quarter. All told, it still looks like the Turkish economy slowed substantially following the attempted military coup.feedback

Dominic Bunning - HSBC

We don't think the move in the fix was notable when you look at it in context to the offshore market. It's still around the 6.70 area; it hasn't aggressively broken through.feedback

Dominic Bunning - HSBC

It's obviously trading as the barometer for the presidential election. The pressure has been on Trump in the past few days and that's coincided with a move down in dollar/Mexico.feedback

Julian Evans-Pritchard - Capital Economics

It's almost US$20 billion, which is quite a considerable fall. I think there is still quite significant intervention in the currency markets by the PBOC and I think today's data highlights that.feedback

Marc Chandler - Brown Brothers Harriman

The RMB joins the SDR formally on Oct 1. Some people would argue that ahead of the formal entry, they've been bending over backwards to keep the currency stable so afterwards, they might have less of a reason to keep it stable.feedback

Jack Lew - U.S Treasury

Being part of the SDR basket at the IMF is quite a ways away from being a global reserve currency.feedback

Hu Yi

Prices have risen 2,000 yuan ($299.84) per square metre on average in the past two months. That's almost a 30 percent rise from July.feedback

Benjamin Sun

A Chinese consumer pays the daigou in renminbi. The daigou buys the product using the Australian dollar and then ship it.feedback

Lu Wenjie - UBS

In Hong Kong, there are many stocks with relatively higher yields, lower valuations, and relatively sound balance sheets. They're attractive to Chinese investors in terms of allocations due to yuan depreciation pressures and low bond yields at home.feedback

Mitul Kotecha - Barclays

It's one year after the yuan's sharp depreciation and quite soon it will be included into the SDR basket, so there's speculation that China's central bank might intervene to stabilise it. But there's no confirmation of that.feedback

Kelvin Lau - Standard Chartered

I don't think the rising CNH Hibor is caused by one single reason. We are near quarter-end and close to SDR inclusion, and also there will be holidays, which makes banks cautious (in terms of yuan lending).feedback

Yale Zhang

You cannot spend one month to investigate one person and then in the end you only land 100,000 yuan.feedback

Harry Newman

The establishment of a yuan clearing centre in South Africa in July 2015, as well as Singapore's increased use of the yuan for payments with South Africa, have been a catalyst for yuan growth in the region.feedback

Qian Fei

I will focus on this field and invest millions of yuan every year in research and development in the hope of launching new products some day.feedback

Paul Au - UBS

Some might use cash flow to pay back dim sum debt. It's difficult to refinance in offshore yuan markets (due to the high cost).feedback

Marc Chandler - Brown Brothers Harriman

For me to be convinced on a September rate hike, I would have wanted to see more dissents. The reason I lean against it and say the bar is high, is because I think they're still worried about the international developments. There is an Italian vote in October that could rattle markets and China's yuan becomes part of the IMF's key currency basket.feedback

Haruhiko Kuroda - Bank of Japan

At the moment, U.S. markets are attracting global funds. Globally there remain risks, such as European financial institutions or the Chinese yuan. We have to see if investors are ready to diversify to other markets than the U.S. in coming weeks.feedback

Julian Evans-Pritchard - Capital Economics

China has been pushing for the SDR to become more widely used for some time, as a way to challenge the dominance of the dollar without pushing the renminbi as a direct competitor.feedback

Taro Aso

If you ask me whether a weakening yuan is a good thing for China, I cannot say so. Whether up or down, a rapid yuan movement is undesirable.feedback

Taro Aso

Lew and I agreed to two points, that China needs to implement economic structural reform, and China needs to show greater transparency for its yuan currency system.feedback

Zhou Hao - Commerzbank

It seems to me China's central bank has put a brake on CNY depreciation, at least temporarily.feedback

Charles Li - Hkex

This launch is an important milestone for HKEx and OTC Clear that illustrates our ambitions in FIC (fixed income and currency) and our opportunities as the RMB becomes a more international currency.feedback

Frederic Neumann

The Chinese renminbi is moving a little bit over time but I don't think it's really something that...bugs G20 policymakers at the moment.feedback

Steven Leung - UOB-Kay Hian Holdings

The second quarter growth figure came in slightly better than expected, but there is still a lot of uncertainty about the outlook for the second half.feedback

Liao Qun

The move is another step in China's reforms to open up its domestic market and to support free trade zone development. As for the timing, it will help ease the pressure of renminbi depreciation and capital outflows since the adjusted measures will encourage more foreign investment in China.feedback

Steven Leung - UOB-Kay Hian Holdings

Overall sentiment is quite positive. I expect the HSI can move a bit higher and challenge 22,000.feedback

But Kevin Lai - Daiwa

Against a backdrop of capital outflows, fixing the yuan to the U.S. dollar at a certain level will require constant foreign-exchange intervention. Intervention involves selling U.S. dollars in exchange for its own money. When a central bank buys back its own money, there is a contraction in its monetary base or high-powered money, which is essentially a massive monetary tightening.feedback

Paul Gruenwald - S&P Global

We had Chinese firms doing essentially liability management. They were paying down their overseas loans and re-contracting onshore in Chinese yuan. That also counts as a capital outflow. It was hard to find evidence of lots of people with suitcases taking money over the border.feedback

Hong Lei

China-U.S. trade cooperation is the ballast and propeller of bilateral relations. Its essence is mutual benefit. The yuan exchange rate is not the reason for unbalanced China-U.S. trade. We hope some individuals on the U.S. side can objectively view China-U.S. trade relations, do more to benefit mutual trust and cooperation, and jointly safeguard the healthy and stable development of China-U.S. trade relations.feedback

Bobbly Lee

The correction from a day or two ago had more to do with a technical correction that it did with Brexit.feedback

Iris Pang

Today is a big test day not only for the confidence of Britain towards the European Union but also for the PBOC on managing the movement of the yuan. The PBOC has reiterated that the yuan is liberalized towards a more market-oriented currency. It is important for the regulator to demonstrate to the market that it allows movements in the [onshore yuan] and [offshore yuan] market to reflect the volatilities created by the Brexit voting event.feedback

Iris Pang

Since the expectation of capital inflow due to the inclusion of A-shares into MSCI has gone, the expected capital inflow dissipates, the yuan (both onshore and offshore yuan) is set to depreciate beyond 6.6 today.feedback

Jack Lew - U.S Treasury

The ability to do RMB transactions in the United States will be a real advantage, to small firms in particular and to large businesses that are not financial businesses. It will make it easier, it will make it cheaper.feedback

Jack Lew - U.S Treasury

China's intervention in the last year has not been to devalue but it's been largely to support the RMB. I think the test of whether China's moved decisively in an orderly way to a more market-oriented exchange rate is whether they're willing to tolerate movement in both directions.feedback

Stephen Innes

When the dollar weakens, the yuan peg follows. When the dollar is firmer, the yuan peg resorts to the basket mechanism to smooth out the inevitable yuan depreciation, and slow the pace of capital outflows.feedback

John Hardy - Federal Reserve System

We are seeing more dollar strength and a lot of it against the smaller currencies. The Chinese authorities are keeping the yuan exchange rate quiet, too, which is giving the Fed the room to wax lyrical and be as hawkish as they are being.feedback

Chris Weston

It just doesn't feel right, but I was always taught that an asset at all-time highs, or even 52-week highs, is outright bullish and should be traded as such - but no one believes we are here. many in the market are clinging to the first-quarter macro concerns (China yuan devaluation, low oil, low growth/recession, negative interest rate policy concerns and deflation fears) that they have missed the move higher.feedback