China to keep yuan exchange rate basically stable

China will keep the exchange rate of the yuan basically stable at an adaptive and balanced level, a Central Bank official said Friday.

The People’s Bank of China (PBOC) said that the stability of the yuan exchange rate would be supported by multiple favorable factors, including the equilibrium in the balance of payments, foreign exchange market resilience, the government’s supportive macroeconomic policies that have notably improved market expectations, and the firming up of the country’s economic recovery.

The PBOC’s series of policies to boost the country’s economic growth are taking effect. An official with the International Department of the PBOC said it will continue to work with other departments to enhance support for the stable development of foreign trade.