Zhou Xiaochuan's press speech (Central Bank Round Table Sep 9 Canada)

Here is the link in English (and here) and Chinese.

Not much news, but it elaborated their thinking and rationales. some highlights

  • He seems to have suggested that "referencing basket" means somewhere between a hard formula (with gap) peg and yielding to supply/demand
  • Regarding how would China manage the forex reserve (weights in USD, EUR), Zhou said PBC would tried not to disrupt the international market and will be very cautious (part of the reason he quoted is that would give the excuse to China bashers). i.e. They would more or less stick to what they have done before, i.e. US treasury, if there is any shift in weight, it would be gradual

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