China’s news outlet, the Economic Information Daily carried an opinion piece on Monday, citing that the recent financial market reforms by China will help to stabilize its domestic currency going forward.

Key Quotes:

“China's full opening-up of its financial sector will help to stabilize the yuan in the long term.

More foreign investors in the Chinese market will help smoothen the flow of cross-border funds, lending fundamental support to the yuan.”

Meanwhile, the USD/CNY pair extends its rebound from three-month lows of 6.9676, now back on the 7.00 handle. The cross trades +0.10% higher at 7.0029, mainly driven by the Hong Kong chaos induced selling in the Chinese yuan.

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