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How does the central bank respond to the RMB exchange rate “breaking 7”???

How does the central bank respond to the RMB exchange rate “breaking 7”???
Issue Time:2019-08-18

【The central bank responded to the RMB exchange rate “breaking 7”: the RMB exchange rate can be basically stable at a reasonable and balanced level.】

    

     Today, onshore and offshore RMB fell below the 7-yuan mark against the US dollar. The relevant person in charge of the central bank responded that the RMB exchange rate can be basically stable at a reasonable and balanced level. The RMB exchange rate is “breaking 7”. This “7” is not the age. It will not come back in the past, nor is it a dam. Once it is broken, it will smash thousands of miles. “7” is more like the water level of the reservoir. When it comes to the dry season, it will fall down again, and it will be normal.


      

      Moreover, the relevant person in charge of the People’s Bank of China said in an interview on the RMB exchange rate that due to unilateralism and trade protectionism measures and the imposition of tariff increases on China, the RMB exchange rate against the US dollar has depreciated today, breaking through 7 yuan, but The renminbi continues to be stable and strong against a basket of currencies, which is a reflection of market supply and demand and fluctuations in international currency markets. The People's Bank of China has the experience, confidence and ability to keep the RMB exchange rate basically stable at a reasonable and balanced level.


     How about your opinion ?


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