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File photo of Yi Gang, governor of the People's Bank of China, speaks at a forum, September 4, 2018. /CFP
China's economy has generally maintained a recovery momentum in spite of downward pressure, the central bank governor Yi Gang said on Wednesday, adding that the potential economic growth rate will remain within a reasonable range.
Yi made the remark during the Global Financial Leaders' Investment Summit hosted by the Hong Kong Monetary Authority.
The world's second-largest economy has demonstrated its resilience in the third quarter by expanding 3.9 percent year on year, 3.5 percentage points faster than the previous quarter, he added.
The Chinese yuan has been relatively stable against a basket of currencies this year thanks to the sound fundamentals of the Chinese economy in the long-term and multi-year implementation of a normalized monetary policy, said Yi.
This year, the yuan has depreciated against the U.S. dollar, and appreciated against other major currencies.
Yi reiterated that the market will play a decisive role in determining the yuan's exchange rate. He added that the currency's level, as well as its value and purchasing power parity, will be broadly stable.
He also touched on the real estate issue, saying that the People's Bank of China, the country's central bank, actively supports the healthy development of the industry and has seen a marginal improvement in property sales and credit issuance.
"With the continuous urbanization in China, we believe that the real estate market will maintain a stable and healthy development," said Yi.
He revealed last week that a special loan of 200 billion yuan ($27.51 billion) was arranged to facilitate real estate delivery this year and to ease homebuyers' frustration.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466