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.