陈元、周小川和余永定今天关于人民币汇率的完整发言，值得细读。最重要的一句话是：

While markets haven’t reacted too strongly to the weakening yuan this week, it is possible that “the yuan could weaken further on unexpected shocks in the future,” Yu Yongding

China Ex-Central Bankers Warn of Long Currency War With U.S. (1)

Former official says manipulator tag shows trade war evolving

Yuan’s global role must improve to deal with challenges: Zhou

By Bloomberg News

(Bloomberg) –?

Former China central bankers warned Saturday of currency-war risks with the U.S. after an abrupt escalation of trade tensions between the world’s two biggest economies this week.

The U.S.’s labeling of China as a currency manipulator “signifies the trade war is evolving into a financial war and a currency war,” and policy makers must prepare for long-term conflicts,?Chen Yuan, former deputy governor of the People’s Bank of China, said at a China Finance 40 meeting in Yichun, Heilongjiang.

Zhou Xiaochuan

Former PBOC Governor?Zhou Xiaochuan?said at the gathering that conflicts with the U.S. could expand from the trade front into other areas, including politics, military and technology. He called for efforts to improve the yuan’s global role to deal with the challenges of a dollar-denominated financial system.

The PBOC allowed the yuan to weaken below 7 to the dollar this week, prompting the U.S. to accuse China of currency manipulation. President?Donald Trump?said talks with China planned for next month could be called off. Domestically, the conflicts added a new dimension to China’s balancing act: how to support the economy while avoiding an exchange rate that widens its rift with the U.S.