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  4. China says stabilising FX market is top priority, warns against 'gambling'
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China says stabilising FX market is top priority, warns against 'gambling'

SHANGHAI (Reuters) - China's central bank said on Wednesday that stabilising the foreign exchange market is the top priority, after the yuan weakened to its lowest level since the...
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China says stabilising FX market is top priority, warns against 'gambling' © Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

SHANGHAI (Reuters) - China's central bank said on Wednesday that stabilising the foreign exchange market is the top priority, after the yuan weakened to its lowest level since the global financial crisis of 2008.

The remarks from the People's Bank of China (PBOC) came as the tightly-managed yuan continued to weaken against the surging U.S. dollar, falling 0.9% on the day and taking its losses so far this year to over 12%. In offshore trade, the yuan hit a record low.

The PBOC said the FX market was largely operating in an orderly manner, but warned against making heavy one-way bets on the currency. It reiterated that the yuan has a solid basis to be basically stable.

"The foreign exchange market is of great importance, and maintaining stability is the top priority," the PBOC stressed.

Market participants usually view such official remarks as a sign that authorities are growing uncomfortable with rapid currency movements.

The PBOC also urged members of the China FX Market Self-Regulatory Framework, which serves as a market self-regulatory and coordinating mechanism, to prevent sharp fluctuations in the currency.

It added that relevant departments should strengthen expectation management to prevent speculative trading.

"One must realize, that exchange rates can never be predicted precisely, and two-way fluctuation is the norm," the PBOC said.

"Do not make one-way bet on currency appreciation or depreciation. You will definitely lose if you keep gambling."

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

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157.91

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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