A Chinese clerk counts yuan banknotes at a branch of Bank of China in Nantong city, East China's Jiangsu province, July 23, 2018. (PHOTO / IC)
BEIJING - A senior central bank official on Thursday reiterated that China is "capable and confident" of keeping the renminbi exchange rate generally stable on a reasonable and balanced level.
Given China's sound economic fundamentals, great resilience and huge potential, Liu believes that it is unlikely to see a currency crisis in the country
China has gained much experience in dealing with exchange rate fluctuations and has many policy tools available. China will strengthen macro prudential regulation and stabilize market expectations, Liu Guoqiang, vice governor of the People's Bank of China, said in an interview.
Liu's comments came after renminbi depreciated against the US dollar recently due to US-China trade tensions.
READ MORE: Foreign ministry: China to keep yuan basically stable
Given China's sound economic fundamentals, great resilience and huge potential, Liu believes that it is unlikely to see a currency crisis in the country.
"Sound economic fundamentals will continue to bolster the renminbi exchange rate. From international experience, currency crisis hardly happen in big countries. As the world's second largest economy, China has proper macro regulation and effective market mechanism, so there is no basis for a currency crisis," he noted.
ALSO READ: Trend of cash inflows set to steady yuan
China will continue to deepen reforms, add vitality to the economy, strike a balance between ensuring stable growth and preventing risks, promote the opening up of the financial sector, and optimize the structure of the financial system to ensure the renminbi exchange rate stays generally stable, Liu said.
Chinese, Russian generals share views
Chinese defense minister meets Thai army chief
Indictment: Trump took nuclear secrets, kept files in shower
Putin: Ukraine achieves no targets in counteroffensive
S. Arabia eyes Hong Kong and Macao investors and tourists
Copyright 1995 - 2023. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.
HONG KONG NEWS