The headquarters of China’s central bank, the People’s Bank of China, is pictured behind an iron chain in Beijing, in this June 21, 2013 file picture. — Reuters pic
BEIJING, May 19 — 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 today.
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 behaviour and safeguarding good order on the foreign exchange market, said Pan, who is also director of the State Administration of Foreign Exchange. — Reuters