China to keep yuan exchange rate stable

Guan Tao, head of the international payments department at the State Administration of Foreign Exchange (SAFE), said although the yuan has weakened against the US dollar since the beginning of 2015, two-way fluctuations, instead of a continued depreciation, is the market consensus.

The SAFE will speed up the yuan's convertibility under the capital account and maintain the "basic stability" of the currency while keeping its exchange rate at a "reasonable and balanced level," Guan said.

He said analysis of the exchange rate of the yuan should be made in a less politicized setting and focus more on market factors.

Economic uncertainties both at home and abroad could affect the flow of cross-border capital and thus cause two-way fluctuations of the yuan's exchange rate, Guan said.

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