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AXA IM's Aidan Yao: China is fighting an uphill battle to stabilise the RMB


Aidan Yao, Senior Emerging Asia Economist at AXA Investment Managers (AXA IM), discusses China’s uphill battle to stabilise the renminbi (RMB).

Key points:


  • The People’s Bank of China is revising the China Foreign Exchange Trade System (CFETS) index and taking steps to alleviate foreign exchange (FX) pressure.
  • Recent RMB depreciation and capital outflows have prompted official actions to ensure systemic stability.
  • Measures have been introduced in recent months to ease capital outflow pressure and stabilise RMB expectations.
  • At the same time, continued efforts have been devoted to improve FX market infrastructure, with the revision to the CFETS calculation being the latest example.


To read the full research note by Aidan Yao, please see here.


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AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meet their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world.  With approximately €700bn in assets under management as of end September 2016, AXA IM employs over 2,350 people around the world and operates out of 29 offices in 21 countries. AXA IM is part of the AXA Group, a global leader in financial protection and wealth management.

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