China will keep the yuan exchange rate ‘basically stable’ – central bank governor
11:10 pm Thursday, March 02nd, 2023
BEIJING (Reuters) – China will keep the yuan exchange rate “basically stable” this year, Yi Gang, governor of the central bank, said at a press conference in Beijing on Friday, adding that volatility will be market-driven.
Yi also said that using the reserve requirement ratio (RRR) to release long-term liquidity will still be an effective tool to support the economy, and that China’s real interest rate is currently at an appropriate level.
(This story has been corrected to say ‘reserve requirement ratio’, not ‘reverse repo rate’, in paragraph 2)
(Reporting by Kevin Yao and Joe Cash; Editing by Edmund Klamann)
