At the AlUla Conference for Emerging Market Economies in Saudi Arabia on Sunday, People’s Bank of China (PBOC) Governor Pan Gongsheng reaffirmed the central bank’s commitment to allowing market forces to determine the yuan‘s exchange rate.
Pan emphasized that maintaining a stable yuan is vital for global financial and economic stability. He pointed out that despite the broader depreciation of many currencies against a stronger U.S. dollar, the yuan has remained relatively stable amid market volatility.
The PBOC governor also highlighted China’s efforts to boost domestic consumption through measures such as increasing household incomes and providing subsidies. He stated that the country would adopt a proactive fiscal policy and an accommodative monetary policy, reinforcing counter-cyclical adjustments to support economic growth.
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