The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized ar
ound 6.89 per dollar for eight days from May 20, and market watchers said market-oriented depreciation pressure was losing steam.
Yi Gang, the central bank governor, has said several times that the PBOC has ceased dir
ect intervention in foreign exchange markets, and the performance of RMB is addressed mainly by market forces.
General Wei Fenghe, China’s defense minister, will attend the coming Shangri-La Dialogue set to
open on Friday in Singapore according to Senior Colonel Wu Qian, spokesman for the Defense Ministry.
Wei’s attendance will be the second time China has sent its defense mini
ster to the international security forum held by the London-based think tank International Insti
tute for Strategic Studies. The first time was in 2011, when General Liang Guanglie took part and delivered a speech.