Friday, 27 September 2024
Philippine central bank says yuan decline reflects uncertainties in China's economy
The weakening of the Chinese yuan reflects uncertainties surrounding the world's second largest economy and should not be seen as an attempt by Beijing to boost its export power, a Philippine central bank official said on Friday.
The Philippines is closely monitoring developments in China because of the potential spillover effects, Diwa Guinigundo, deputy governor of the Bangko Sentral ng Pilipinas told Reuters via mobile phone message.
"Consolidating China's export power may not be a good way to interpret the renminbi trend because it is not exactly consistent with the country's announced shift in policy from investment-and-export-led growth to domestic demand-led growth as well as with the reported decline in China's FX reserves,' Guinigundo said.
China is one of the Philippines' top trading partners.
Re-disseminated by The Asian Banker
