Jiang Jing: No Signal of a Shift in RMB Policy

Jiang Jing's research team believes that the 11-page exchange rate policy document published by the People's Bank of China last week was intended to establish its own policy narrative, and was not a signal of a shift in RMB exchange rate policy. The team maintains its baseline forecast of a moderate and orderly appreciation of the renminbi, and does not expect a one-off sharp appreciation brought about through external negotiations similar to the "Plaza Accord".