China’s central bank says to keep yuan stable, in balanced range

BEIJING (Reuters) – China’s central bank will maintain basic stability of the yuan exchange rate within a reasonable and balanced range, according to comments posted on its website on Sunday.

Pan Gongsheng, deputy governor of the People’s Bank of China (PBOC), told the PBOC-run Financial News in an interview that the central bank was confident in its ability to maintain stable operation of China’s foreign exchange market.

The PBOC will also make the necessary counter-cyclical adjustments and strengthen macro prudential management according to changes in the situation, as well as combating illegal and irregular behavior and safeguarding good order on the foreign exchange market, said Pan, who is also director of the State Administration of Foreign Exchange.