SHANGHAI, (Reuters) – The Chinese government may take additional measures if necessary to maintain the yuan’s stability, possibly putting downward pressure upon the currency. This was according to a former foreign exchange regulator.

Guan Tao is a global chief economist at BOC international and former state administrator of foreign exchange (SAFE) official.

Guan, in an article published by Shanghai Securities News, said that the Chinese yuan faces further downward pressure because of a number market factors. These include the strengthening of the and the shrinking spread in yields from the U.S. and Chinese, as well as the decreasing difference in their growth.

Guan, who was the former head of SAFE’s balance-of-payment department, stated that the yuan had lost some momentum. This is due to declining trading volumes on the interbank forex marketplace.

On Jan. 26, the dollar hit an almost four-year high and the index that tracks the yuan’s price against a basket currency is at its highest point since late 2015.

China took some steps to stop the yuan from rising rapidly, including telling financial institutions to have more foreign reserves.