China's currency is stable against most major currencies, according to the China Foreign Exchange Trade System, or CFETS.

Renminbi forex rate index was sitting at 97.15 at the end of May, up 0.03 percent from a month ago. The other two renminbi forex rate indices, based on basket of currencies of the Bank for International Settlements and Special Drawing Right, read at 98.44 and 97.15 respectively, up 0.39 percent and down 0.86 percent respectively.

Analysts say these indices show that the Yuan is stable right now. Ma Jun, chief economist of China's central bank says that as the Fed slowed its pace on rate hikes, the pressure on the renminbi has been easing gradually.