Trade war had limited impact on China financial markets: CBIRC

May 28, 2019 09:17
China's financial markets have not panicked amid the US trade war, Guo Shuqing says. Photo: Bloomberg

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 told state TV.

China’s stock and foreign exchange markets have not panicked amid the trade war, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in an interview aired on CCTV on Monday, Reuters reports.

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.

He reiterated that speculative short sellers would suffer “heavy losses” if they bet against the yuan.

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