Featured Politics News World News

China able to keep yuan stable, cope with external risks- official

By Aliyu DANLADI

China’s healthy economic fundamentals and ample foreign currency reserves will help keep the yuan stable, Pan Gongsheng, a vice governor at the People’s Bank of China, said on Friday.

”The central bank will adopt macro-prudential measures to stabilize market expectations,” Pan told a briefing, warning against speculators who seek to short the yuan.

Pan said that recent yuan falls reflected market supply and demand as well as global market volatility.

He reiterated that China would not engage in competitive currency devaluation to cope with trade frictions arising from the ongoing tariff war with the United States.

Pan added that authorities would actively deal with external risks caused by trade frictions and improve policy transmission mechanism by the bank to boost lending for small and private firms.

The bank has provided 10 billion yuan in initial funding for a scheme to promote private firms’ bond issuance.

 

Related posts

Verification, payment of ex-Nigeria airways workers in diaspora to begin Monday in London

By Aliyu DANLADI

Discos’ revenue collections hit N772.7bn in 12 months despite mounting power supply challenges

Our Reporter

Lagos SUBEB Chairman says Jakande’s death, a huge loss to Nigeria

Meletus EZE

States paying outgoing govs jumbo pensions owe N3tn debt

Editor

IMF may approve Nigeria’s $3.4bn loan today

Our Reporter

Borno community witnesses large voter turnout in spite of Boko Haram attempted attack

Editor