China’s central bank governor downplayed concerns over China’s falling foreign reserves and said he saw no basis for continuing depreciation in the renminbi — comments that could calm mainland markets when they reopen on Monday after a week-long hiatus that saw upheaval in global markets.
In an interview published over the weekend in Caixin, the mainland financial magazine, Zhou Xiaochuan, governor of the People’s Bank of China, chose a critical moment to speak up to clarify Beijing’s exchange rate strategy, local analysts said.
All eyes will be on mainland markets when they reopen on Monday, watching for dramatic fluctuations in response to a volatile week in world markets.
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