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).
- 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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