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in infrastructure projects as the economy shows signs of cooling further, with investment growth slowing to a record. "Liquidity is flush in the banking system. Especially at a time of growing economic uncertainty, a sharp devaluation still risks signaling a loss in confidence in the economy, setting off a chain reaction of panic not just in China but, potentially, across global markets too. The weighted average lending rate for non-financial firms, which reflects corporate funding costs, inched up 1 basis point in the second quarter.97 per cent, following a rise of 22 basis points in the first quarter and 47 basis points in 2017.

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But particularly when growth is looking shakyas it is these days in Chinacapital outflow can still be perilously disruptive. State banks were seen swapping yuan for dollars in the forwards market, presumably to stock up on dollars and to dampen expectations for a fall in the yuans value in the future. The central bank is now keeping a delicate balance, and any unexpected outcome from the Sino-U.S. Our Standards: The Thomson Reuters Trust Principles. That could spur the pboc into tightening foreign exchange measures, Ji said. But a change of leadership in the House is not likely to have much effect on Trumps trade policies and the tensions they have caused, according to consultancy AllianceBerstein. While Chinese policymakers have been less interventionist in defending the yuan than they were in 2015, they may still be using the dollar reserves to buy yuan in the spot market to slow the pace of the currencys depreciation and keep market confidence broadly contained. A big, intentional devaluation would shatter the stable currency regime that the PBoC has worked hard to construct, noted Chen Long, economist at the research firm Gavekal, in a recent conference call. When a gradual drop in the yuan signals that its overvaluedthat is, that market is demanding fewer yuan per dollarthan the current exchange rate reflectsthe sensible thing for Chinese exporters to do is to keep their cash in dollars. However, the PBoC only has so much control over the yuans value.

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