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<Research>G Sachs: PBOC Focuses on Financial Stability; Sale of USD Assets Remains Potential Option
The central parity rate of USD/CNY rose through 7.2 after US President Donald Trump added another 50 ppts of tariffs to the 34% additional tariffs on Chinese goods, Goldman Sachs r...
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<Research>G Sachs: PBOC Focuses on Financial Stability; Sale of USD Assets Remains Potential Option
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The central parity rate of USD/CNY rose through 7.2 after US President Donald Trump added another 50 ppts of tariffs to the 34% additional tariffs on Chinese goods, Goldman Sachs released a research report saying.

The People's Bank of China (PBOC) announced that it will provide liquidity support to stabilize the stock market. Interbank liquidity tightened slightly, possibly to manage the pace of RMB depreciation against USD.

Related NewsUS Treasury Secretary: Onus To Be on CN to Eliminate Tariffs; Tariffs May Cost CN 10M Jobs
Goldman Sachs believed that the move demonstrates the PBOC's focus on maintaining financial stability, particularly in the stock and foreign exchange markets, amid heightened market volatility, and believed that foreign exchange stability will remain important, but the PBOC may allow greater flexibility in the fixing of USD/CNY.

China's sale of USD assets to defend RMB and to retaliate against additional US tariffs remains a potential option. Monetary policy could ease in 2Q25 once China's market stabilizes and the US tariff plan becomes clearer.

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