New PBOC Governor Rules Out Currency Depreciation In US-China Trade War

While the entire world was transfixed on the speech from China's president Xi Jinping on Tuesday morning at the Bo’ao Forum, which sent futures surging due to its allegedly, if erroneously, "conciliatory" note, far fewer paid attention to the new PBOC Governor Yi Gang, who today spoke at the same forum on monetary policy and further opening up of the financial sector.

Unlike Xi's speech, which was was repeat of what Xi said in Davos in January, Yi' speech was far more important as it actually unveiled Chinese strategy in the context of currency wars.