"We don’t think much of the links that some are drawing between the PBOC’s moves today, loosening by the Bank of Japan and the European Central Bank, and the value of the renminbi," he said. The bank could at any time drive down the Chinese currency by reverting to its old policy of purchasing foreign bonds. "If the People’s Bank did want to weaken the renminbi, it has $3.9 trillion of foreign exchange reserves to remind it what to do. There is no evidence that it wants to."