Yuan seen as safe haven currency for investors
Print Edition
THE yuan could be a safe haven currency for international investors due to its stable valuation against a basket of currencies, while the currency has no basis to continue depreciating, a senior Chinese central bank researcher said yesterday.
China is one of the most prudent economies in the world with stable growth, abundant foreign exchange reserves, small foreign debt and large trade surplus, Yao Yudong, head of the People Bank of China’s Research Institute of Finance and Banking, wrote in a column for Caixin magazine’s website.
He said the yuan is a de facto international currency and can be a safe haven currency when a global liquidity squeeze occurs.
“An international currency always appreciates at times of panic, and the yuan may appreciate too,” Yao wrote.
He made the comments after Caixin interviewed central bank Governor Zhou Xiaochuan, who voiced confidence in the yuan.
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