China establishes direct trading pair between yuan and Korean won

Feb 28, 2016, 03:24
China establishes direct trading pair between yuan and Korean won

Nicholson notes Zhou's statement on the yuan, but also his assertions that monetary policy has "a slight easing bias", and that FX reserves will be kept at adequate levels.

The PBoC also reportedly reiterated its stance favouring a stable trade weighted exchange rate.

He said the latest economic data gave a positive signal for growth this year, adding that there were ample monetary policy space and tools to deal with potential risks.

Similar permissions were granted to some central banks and sovereign-wealth funds last July.

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China's Central Bank chief has stated that China would not stage another devaluation of the Yuan to support its sliding economy.

"In contrast to [the] worldwide market, the heavily indebted property developers are rated high-grade bonds in China because of policy relaxation rather than an improvement in their financial conditions", said the fund manager, who requested anonymity.

The flipside is that the market is now also better positioned to begin drawing foreign companies with business interests in China that might want to raise debt finance denominated in renminbi. For China, the currency yuan has been heading south since the government revamped the foreign exchange mechanism previous year, and concerns about capital outflows have been on the rise.

Yoo is visiting the neighboring country to attend the Group of 20 Finance Ministers and Central Governors meeting which took place from Friday to Saturday.

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"There's nothing to worry about with regards to China's external payment ability", he said.

China's central bank pointed to that decision in Wednesday's announcement, saying it increased foreign demand for yuan-denominated assets including bonds.

"The rapid growth of housing loans seems to add risk to the financial market, but if you look at it in terms of its share of total credit, mortgages account for only a little over 10 percent of the total social financing", he said.

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