# Prof. Michael Spence on China's currency

1 Faculty News May 29, 2014 ![CNBC logo](/sites/default/files/styles/246w/public/assets/images/uat_027305.jpg?itok=Ipx0jiaQ)>

Excerpt from [CNBC](http://www.cnbc.com/id/101712808) -- "'I think the central bank is making occasional interventions to make traders understand that this \[the yuan\] can go up or down. It does look like tactical maneuvering more than anything else,' [Michael Spence](http://www.stern.nyu.edu/faculty/bio/a-michael-spence), professor of economics, at the NYU Stern School of Business, said on CNBC, with regards to whether the central bank was deliberately guiding the yuan lower in order to support the economy."

[Read more](http://www.cnbc.com/id/101712808)