# PBOC calls for efforts to prevent drastic exchange rate changes - Chinadaily.com.cn

> The People's Bank of China and the State Administration of Foreign Exchange issued a joint statement vowing to prevent drastic exchange rate moves and curb one-way speculation. The statement followed the renminbi breaching 7 per dollar, and officials said China's fundamentals remain solid. The renminbi strengthened after the announcement.

- Date: 2023-05-19 · published 2023-05-19T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/36182-pboc-calls-for-efforts-to-prevent-drastic-exchange-rate-changes-chinadaily-com
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Official commitments to stabilize the yuan reduce the chance of abrupt currency moves that would disrupt dollar-priced feed imports. The policy signal limits downside for the yuan but does not change the broader demand picture.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2018-08-25 | [China Reintroduces Measure to Help Defend Yuan Exchange Rate - Caixin Global](https://feedsoft.ai/events/10039-china-reintroduces-measure-to-help-defend-yuan-exchange-rate-caixin-global.md) | +0.4% | +0.8% |
| USDCNY | 2024-07-12 | [PBOC sets USD/ CNY reference rate for today at 7.1315 (vs. estimate at 7.2514)](https://feedsoft.ai/events/12305-pboc-sets-usd-cny-reference-rate-for-today-at-7-1315-vs-estimate-at-7-2514.md) | +0.0% | -1.1% |
| USDCNY | 2023-07-20 | [Yuan rebounds on corp debt quota easing - Chinadaily.com.cn](https://feedsoft.ai/events/35260-yuan-rebounds-on-corp-debt-quota-easing-chinadaily-com-cn.md) | -1.0% | +1.0% |
| USDCNY | 2017-08-30 | [Renminbi rises strongly against US dollar - Chinadaily.com.cn](https://feedsoft.ai/events/10861-renminbi-rises-strongly-against-us-dollar-chinadaily-com-cn.md) | -1.1% | +0.7% |
| USDCNY | 2022-09-29 | [Exclusive: China's state banks told to stock up for yuan intervention](https://feedsoft.ai/events/7209-exclusive-china-s-state-banks-told-to-stock-up-for-yuan-intervention.md) | -1.2% | +0.3% |

## Sources

- global.chinadaily.com.cn: https://global.chinadaily.com.cn/a/202305/19/WS64676e71a310b6054fad40f4.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.