If, on the other hand, the yuan remains at its current levels, the disinflationary impact of cheaper Chinese exports will prove less than feared by some market participants, as an overall 2% depreciation partly offsets the real appreciation of the yuan over the past 12 months (more than 10%).
The Governor of the Bank of Finland participates in monetary policy decision-making as a member of the ECB Governing Council (Slide 15). Each of members is in the meetings as a person, not advocating any issues for his or her institution or country. The Eurosystem’s objectives are price stability and support for general economic policy.