China hopes for recovery of the yuan with the Fed rates rise

The likely rate hike in December from the US central bank will have limited impact on declining in anticipation of the Fed's steps yuan, said on Tuesday the chief economist of the Bank of China.
Ma Jun said at a dinner with a small group of foreign journalists that the Chinese national currency is under pressure, weakening in the eve of the Fed's tightening policy, but it can be restored after the US Federal Reserve finally raise rates.
From the end of September, the yuan fell more than 1.5 percent against the US dollar, and some market participants are getting firm in anticipation of further reduction.
The official regulator said that in spite of this, the yuan in October has remained stable to a basket of currencies, which shows China's commitment to its new currency regime.
Ma added that the city authorities have recently taken action against the growth in property prices, which should cool the market and reduce the demand for mortgages. The official said that the Bank of China's monetary policy will examine the likely impact on the real estate sector.
He added that he is expecting a growth of the Chinese economy, the second largest in the world, by about 6.7 per cent this year.