Chinese Inflation Comes In Hot, As PBOC Announces New Push To Globalize The Yuan

yuan

Photo: jimmiehomeschoolmom via flickr

Some interesting monetary news out of China in the early going.First, Chinese inflation of 4.9% came in slightly hotter than expectations. Shanghai stocks aren’t reacting strongly.

More interestingly is fresh commentary from the PBOC rearding the yuan.

The key points, via ForexLive:

  • Push forward with reforms of Yuan exchange-rate regime
  • Develop benchmark interest rate on money market
  • To use interest rates, required reserves and open market operations to adjust liquidity
  • To expand use of Yuan in trade and investment

The last, one, obviously, is the big one.

The US dollar is sliding a bit.

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