Renminbi to remain stable despite depreciation
China won’t use the yuan as a tool to deal with trade conflicts, central bank governor Yi Gang said Monday, vouching for the nation’s persistence in the market-oriented yuan following the Chinese currency’s slide past a key mark.
On Monday morning, both onshore and offshore yuan weakened past 7 against the US dollar, a key psychological level the Chinese currency hasn’t breached since 2008.
China, as a responsible major power, will honor its promise regarding the currency issue made at the G20 leaders’ summits. The nation will stick to a market-determined foreign exchange rate system, Yi said in a post on the website of the People’s Bank of China (PBC) late Monday.
Neither will China resort to yuan depreciation for competitive purposes nor will it use