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PBOC on RMB exchange rate fluctuation


03-10-2017 13:45 BJT

Full coverage: 2017 NPC & CPPCC Sessions

(Source: CGTN)

The governor of China's Central Bank, Zhou Xiaochuan, has expressed confidence that the RMB's exchange rate will be stable in 2017.

Speaking to the press on Friday in Beijing, Zhou explained that China spent more on outbound investment in the second half of 2016, in both the public and private sectors.

The election of Donald Trump as the new US president also triggered a rise in the US dollar index, affecting the exchange rate of the Chinese RMB.

Zhou said that China has a consistent policy on its currency, but also warned that fluctuations are normal in the current situation.

"We believe there is a stable trend for the RMB exchange rate due to a stable and healthier Chinese economy, progress made in China's supply-side structural reform, and stronger international confidence on China's economy," Zhou said.

"At the same time, we don't have too many changes in our policies, but will have stricter implementation and supervision. Therefore, we believe the exchange rate will be stable this year."

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