Officials from the People's Bank of China have expressed confidence in the stability of the renminbi exchange rate, in a press conference held in Beijing on Tuesday. They added the central bank will take measures to strengthen the resilience of the foreign exchange market. Zhou Yixin reports.
Officials from the People's Bank of China outlined the strong foundations for maintaining financial stability. This includes increasing cross-border trade and investment, the current account surplus remaining at reasonable levels, and steady net inflows of foreign investment. They stressed these factors provide a solid foundation for balancing foreign exchange supply and demand while ensuring financial stability.
LI BIN, Deputy Head of China's State Administration of Foreign Exchange "In the coming period, China's economic recovery will continue to consolidate. The overall balance of international payments will remain intact, the resilience of the foreign exchange market will continue to grow, and the renminbi exchange rate has all the conditions to remain stable."
Officials also highlighted that a series of proactive fiscal and monetary policies –either already implemented or about to be introduced – will further reinforce the country's economic recovery.
ZHOU YIXIN, Beijing "Officials say the People's Bank of China will continue to adjust and optimize policy measures, maintain ample liquidity, promote a more accommodative social financing environment, and further reduce the overall cost of financing."
China's credit structure has also shown significant improvements, with strong growth in loans to the manufacturing sector, small and micro businesses, and innovative enterprises.
XUAN CHANGNENG, Deputy Governor of the People's Bank of China "We will continue to lower banks' funding costs, stabilize interest rates, and improve financing for businesses and individuals."
Despite a complex and uncertain global environment, officials expressed confidence in China's strong economic fundamentals and its ability to handle external challenges. They reaffirmed their determination to further optimize policy measures, in an effort to drive sustainable and high-quality economic development. Zhou Yixin, CGTN, Beijing.