Chinese policy makers have made it clear that they don't want any surprises when it comes to the yuan.

With his deputies striking a consistent tone all week, amid the National People's Congress in Beijing, People's Bank of China Governor Zhou Xiaochuan used a rare press conference Friday to reinforce that the currency will be "relatively stable" this year. While Premier Li Keqiang hinted at an increased tolerance for bigger yuan moves in his address last Sunday, deputy governor Yi Gang said on three separate occasions the yuan is "stable," and his colleague Pan Gongsheng emphasized the currency market is "solid."

Three-month implied volatility on the managed yuan is the lowest among emerging markets, as capital controls quell demand for foreign exchange.

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