China to main­tain sta­bil­ity of yuan ex­change rate: cen­tral bank

Fiji Sun - - INTERNATIO­NAL BUSINESS -

Bei­jing: China’s cen­tral bank said Sun­day it would fur­ther deepen the re­form of the yuan’s ex­change rate for­ma­tion mech­a­nism and main­tain the ba­sic sta­bil­ity of the ex­change rate at a rea­son­able and bal­anced level.

The coun­try will deepen the mar­ket-ori­ented re­form of the yuan’s ex­change rate mech­a­nism, im­prove the man­aged float­ing ex­change rate sys­tem based on mar­ket sup­ply and de­mand and ad­justed with ref­er­ence to a bas­ket of cur­ren­cies, and main­tain the ex­change rate flex­i­bil­ity, the Peo­ple’s Bank of China (PBOC) said in its first-quar­ter mon­e­tary pol­icy re­port.

It will con­tinue to re­form the coun­try’s loan prime rate mech­a­nism, which aims to bet­ter re­flect mar­ket changes, im­prove the mon­e­tary pol­icy trans­mis­sion mech­a­nism and guide lend­ing rates lower.

While ac­cel­er­at­ing the de­vel­op­ment of the forex mar­ket, the PBOC vowed to help the coun­try’s im­port and ex­port com­pa­nies bet­ter man­age ex­change rate risks, and sup­port the use of yuan in cross-border trade and in­vest­ment.

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