May 27, 2019
BEIJING (Reuters) – A trade war with the United States has had a limited impact on China’s financial markets and its effects will be “even smaller” in the future, China’s chief financial regulator said in a interview with state television broadcast on Monday.
China’s stock and foreign exchange markets have not panicked amid the escalating trade war, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in the interview with broadcaster CCTV.
Guo, who is also the Communist Party official overseeing the People’s Bank of China (PBOC), said the government has never taken measures to deliberately devalue the currency and reiterated that speculative short sellers would suffer “heavy losses” if they bet against the yuan.
(Reporting by Beijing Monitoring Desk; Writing by Yawen Chen; editing by Darren Schuettler)