Mizuho: PBOC unlikely to allow sharp yuan depreciation despite rising trade tensions ...Middle East

Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho in Singapore, said China’s decision to impose 34% retaliatory tariffs on U.S. goods—along with export restrictions on certain rare-earth elements—signals a notable hardening of Beijing’s stance.

However, Varathan stressed that financial stability remains a top priority for Chinese authorities. “The PBOC will not desire or pursue a sharp depreciation, as it risks undermining capital market confidence,” he said.

The remarks come amid growing scrutiny over how China will navigate external pressure without destabilising domestic financial conditions.

This article was written by Eamonn Sheridan at www.forexlive.com.

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