In September, the Chinese yuan started rising. In October, Pan Gongsheng, the deputy governor of the People’s Bank of China (PBoC) and administrator of the State Administration of Foreign Exchange (Safe), stated that the renminbi exchange rate would remain stable. Safe’s deputy administrator, Wang Chunying, described China’s foreign exchange transactions as rational and orderly, adding that persistent appreciation or depreciation was unlikely.
In a research note published in mid-November, HSBC’s global head of FX research referred to optimism that China’s regulatory crackdown was taking a breather as one of the reasons why the RMB might stay strong in the near term.
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