Business
18:36, 18-Jul-2017
PBOC: Robust growth has eased pressures on yuan
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Huang Yiping, senior central bank adviser of the People's Bank of China, said on Tuesday that depreciation pressures on the yuan have diminished due to more robust economic growth and rising foreign exchange reserves.
Huang also noted that China would look to give the currency greater flexibility, expand its free floating range and reduce intervention in the foreign exchange markets.
China's foreign exchange reserves edged up in June for a fifth consecutive month when capital outflows eased in the face of tighter controls over moving funds out of the country.
Huang said that downward risks still exist for China's economic growth, but the pressure had eased and there should be "no problem" for the country to hit the annual target of 6.5 percent GDP growth.