Ex-PBOC official Sheng: China should not allow Yuan weaker than 7.00

China Business News carries a story written by the former People's Bank of China (PBOC) official Sheng Songcheng, as he speaks about the exchange rate level.

Main Points:

“China should not allow Yuan weaker than 7.”

“The Yuan falling through 7 may shake the confidence of markets.”

“Increase pressures on capital outflows.”

“Devaluing the Yuan has only a small positive impact on trade.”