The People’s Bank of China-backed (and hence Chinese Communist Party backed) Securities Times said today in an opinion piece that
- “The process of economic recovery in the post-COVID era will
not be accomplished overnight and it requires policy support,” - “But with gradual recovery of the broad economy, there can
be a little more confidence and calm with the yuan exchange
rate,”
That’s not been evident today with a sharply weaker yuan:
Offshore yuan near a historical low: