Beijing largely ends currency intervention

Making a comeback: People walk by a construction site in Beijing. The economy has been rebounding since the government scrapped Covid restrictions, though the strength of the recovery is under debate following contradictory signals from recent data. — AP

BEIJING: People’s Bank of China (PBoC) governor Yi Gang says Beijing has largely ended regular foreign-exchange (forex) intervention, and pursues a policy aimed at enhancing the ease of use of the yuan for Chinese households.

PBoC officials still “reserve the right” to intervene in the market, Yi said in a speech at the Peterson Institute for International Economics (PIIE) in Washington on Saturday.