Yuan's exchange rate to remain stable
The exchange rate of Chinese currency renminbi, or yuan, will remain stable at a reasonable and balanced level in the mid- to long-term, said a spokesperson of the National Bureau of Statistics (NBS) Tuesday.
"China's economy remains stable and sound in general," Liu Aihua told a press conference on China's economic performance in July, calling the fundamentals favorable for a stable yuan.
Commenting on the yuan's weakening last month, Liu said the interest rate hike in the United States had witnessed a similar depreciation of the world's major currencies.
"In the short term, market and psychological factors might show their force," Liu said. "But in the mid- to long-term, the economic fundamentals will prevail."
NBS data released Tuesday pointed to steady growth in China's fixed-asset investment, retail sales and industrial output in July. "The economy progressed while also remaining stable last month," the spokesperson said.
China's central bank said earlier this month that it would "enhance monitoring and make counter-cyclical adjustments in accordance with the development of the situation to keep the forex market steady and the yuan's exchange rate stable at a reasonable and balanced level."