# China central bank governor says market-determined exchange rate is working very well

> People's Bank of China Governor Yi Gang said at the Boao Forum that the exchange rate mechanism is market-determined and working well. He did not say whether China would devalue the yuan in response to US tariffs.

- Date: 2018-04-11 · published 2018-04-11T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/65711-china-central-bank-governor-says-market-determined-exchange-rate-is-working
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Signals Beijing is not planning a deliberate devaluation, which limits a currency-driven boost to Chinese import costs for US soybeans and meal.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-10-18 | [China has ‘halted intervention in yuan exchange rate market’ \| South China Morning Post](https://feedsoft.ai/events/68678-china-has-halted-intervention-in-yuan-exchange-rate-market-south-china-morning.md) | +0.2% | -0.0% |
| USDCNY | 2017-08-17 | [Markets still bewildered after China central bank explains yuan 'X'-factor - The Business Times](https://feedsoft.ai/events/69677-markets-still-bewildered-after-china-central-bank-explains-yuan-x-factor-the.md) | -0.5% | -2.1% |
| USDCNY | 2021-01-26 | [Chinese Yuan Outlook: Tightening Measures From China’s Central Bank Sends A Warning Shot To Risk Markets](https://feedsoft.ai/events/49363-chinese-yuan-outlook-tightening-measures-from-china-s-central-bank-sends-a.md) | -0.2% | -0.2% |
| USDCNY | 2018-01-18 | [China says yuan gains market-driven, two-way swings will be the norm \| South China Morning Post](https://feedsoft.ai/events/67199-china-says-yuan-gains-market-driven-two-way-swings-will-be-the-norm-south-china.md) | -1.1% | -1.4% |
| USDCNY | 2019-11-01 | [No major changes in the yuan’s exchange rate since August](https://feedsoft.ai/events/56297-no-major-changes-in-the-yuan-s-exchange-rate-since-august.md) | -0.9% | +0.0% |

## Sources

- reuters.com: https://www.reuters.com/article/us-china-boao-pboc-exchange-rate/china-central-bank-governor-says-market-determined-exchange-rate-is-working-very-well-idUSKBN1HI18N/

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