CHINA PRESS: PBOC To Maintain Basic FX Stability - Report

China’s central bank will support the Yuan's basic FX stability at a reasonable level, and will utilise the advantages of a managed float based on market mechanisms, according to the People’s Bank of China Q2 Monetary Policy Implementation Report. Authorities will closely monitor policy developments of other major central banks, and will correct pro-cyclical and unilateral behaviour in the FX market, the report said. On property, the PBOC will adapt policy to suit new supply and demand conditions and will increase financial support for leasing, urban-village renovation, and affordable housing construction. (Source: Yicai)