ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /MarketsEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaChina central bank says capable of stabilizing yuan(Xinhua)Updated:2015-08-12 22:09Comments Print Mail Large Medium SmallBEIJING — The recent fluctuation of the yuan exchange rate is “within control” and the central bank is “fully capable” of stabilizing the market if necessary, a central bank economist said on Wednesday.”The central bank, if necessary, is fully capable of stabilizing the exchange rate through direct intervention in the foreign exchange market to avoid herd mentality resulting in irrational movements of the rate,” economist Ma Jun with the Peoples Bank of China told reporters.In addition to Chinas economic fundamentals that will underpin a stable currency, the countrys substantial foreign exchange reserve, the worlds largest at $3.7 trillion, will make it better placed to stabilize the rate in the near term, Ma noted.His comments came as the Chinese currency continued to fall on Wednesday after the central bank changed the exchange rate formation system to better reflect the market.The central parity rate of renminbi, or yuan, weakened by 1,008 basis points, or 1.6 percent, to 6.3306 against the U.S. dollar, narrowing from Tuesdays 2 percent.The central bank on Tuesday adjusted the exchange rate formation system so it now takes into consideration the closing rate of the inter-bank foreign exchange market on the previous day, as well as supply and demand in the market, and price movement of major currencies.In response to doubts that the yuan rate would lead to competitive depreciation of other currencies in Asia, Ma said China “does not have the intention nor the need” for initiating such a move.The economist said Chinas weak exports data in June, which slid 8.3 percent from a year ago, should not be over-interpreted as factors such as a high comparison base also played a role. As the world economy recovers, exports will gradually pick up in the latter half of the year.That, along with increasing domestic demand on the back of pro-growth policies, will put China on track to deliver its 7-percent growth target.”From this prospective, China does not have the need to start a currency war to gain advantage,” Ma stressed, adding the yuans current rate is “near equilibrium”.By making the exchange rate mechanism more market-oriented, some analysts have speculated that China is pushing for inclusion of the currency in the Special Drawing Right (SDR) basket.The IMF on Wednesday welcomed the move and said a more market-oriented exchange rate would facilitate the SDR operation, should the RMB be included in the basket.8.03KRelated StoriesExchange rate fluctuation is normal, says central bankPBOC signals important change in managing the exchange rateLower exchange rate byproduct, not goalYuan falls sharply as China improves exchange rate formation systemPhoto2015 China International Fair for Investment and Trade kicks off in XiamenLives of freelancersSummer Davos Forum to be held from Sept 9 to 11Top 10 most profitable listed Chinese carmakers in H1Learn to behave like a real nobleChengdu Motor show kicks offChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerTop executive of Infor has head in the cloud Zwilling stays at cutting edge of the kitchenware industryMost ViewedTodays Top News2015 China International Fair for Investment and Trade kicks off in XiamenChinas commodity imports robust in Jan-Aug periodChina stocks rebound 2.92%2015 China box office already past 2014 totalChina foreign trade decline widens in AugustInterview: JP Morgans senior executive bullish on ChinaInnovation, development the focus for NZ mayorsLives of freelancersHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksSino-US trade in numbers Worlds top 10 best airports in 2015 Top 10 wealthiest Chinese in the world in 2015 Top 8 novel career choices in China SpecialsSummer Davos 2015Zhanjiang on Maritime Silk RoadCEO roundtable: new normal & challenges…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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