The People’s Bank of China has set the midpoint rate for the yuan at 6.5152 against the greenback, stronger than the previous fix of 6.5237. And a spokesperson for the Chinese top economic planner says the country is capable of maintaining a stable yuan.
“China still holds the largest forex reserves, with a rather big trade surplus. At the same time, the internationalization of the yuan is moving ahead in a stable manner. And the two-way fluctuation, the new normal for the RMB, remains unchanged,” said Zhao Chenxin, Spokesman of National Development and Reform Commission.
“In a nutshell, China is capable of keeping the yuan stable at a reasonably balanced level.”
