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

Africa50 signs MoU with Republic of Congo for expansion of power plant

Editor

Falana seeks release of El-Zakzaky, wife

Our Reporter

Consumers’ demand for organic produce increases globally – EOA

Editor

Amid energy crisis, telecoms operators get new solution for off-grid communities

Our Reporter

Senator Saraki visits Babangida in Minna

Editor

South-West opposes consensus as Oyinlola, Oladipo battle for deputy chair’s seat

Our Reporter