SHANGHAI: The yuan edged up against the dollar on Wednesday, despite gains in the greenback overseas, as remarks from a senior official at China’s central bank dampened market expectations for imminent policy easing measures.
Sun Guofeng, head of the monetary policy department at the People’s Bank of China (PBOC), said there was no big shortfall of base money, and liquidity supply and demand would remain basically balanced in coming months.
Monetary easing should theoretically pile downside pressure on the currency in the short term, according to analysts, who added that surprisingly strong export data this week has reduced chances of an imminent move.
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