Central Bank of China is confident in maintaining RMB exchange rate at a reasonable level

Beijing. Jul 5. Silkroadnews - Representative of the Central Bank of China, Pan Gongsheng said, the flexibility of the renminbi exchange rate has increased, and since the beginning of the year it has showed good results among the emerging markets currencies, Ecns.cn reports.
“Over the years, China has accumulated fruitful experience and ample policy tools. We are confident that we will maintain the RMB (yuan) exchange rate at a reasonable and balanced level,” the agency quoted Pan Gongsheng, deputy head of the People’s Bank of China and director of the State Administration of Foreign Exchange, saying.
The fundamentals of economic growth are good, as the quality and effectiveness of economic growth are constantly improving, and the sustainability of economic growth is also increasing. In addition, China’s balance of payments is generally balanced and foreign exchange reserves are sufficient, the report reads.
According to the data by the China Foreign Exchange Trade System, the central parity exchange rate of RMB fell by 340 basis points to 6.6677 against the U.S. dollar.