Chinese central bank says it will keep yuan stable to help exporters By Reuters

BEIJING (Reuters) – China will continue to keep its currency stable and timely adjust its policy tools to help struggling exporters, a central bank vice governor said on Thursday.

The country’s cabinet on Wednesday signaled the possibility of timely cuts in the amount of liquidity banks must hold as reserves to support struggling small businesses that have been squeezed by soaring commodity prices.

“We have noticed that some companies may have this problem, so we will continue to keep the exchange rate stable and make timely adjustments to policy tools,” Vice Governor Fan Yifei said at a press conference when asked. on the problem of exporters. deficit on all their orders.

The yuan weakened on Thursday as the dollar traded near its three-month highs and after the Chinese government launched the possibility of reducing bank reserve requirements to support economic growth.

The government will continue to lower real lending rates and lower the costs of financing small businesses through targeted monetary policy tools, Fan added.

Fan also weighed on cryptocurrencies, voicing the Chinese regulator’s concerns over so-called “stablecoins,” which he said were seen as speculative tools threatening financial and social stability.

As the regulator cracks down on the crypto market, Fan said the People’s Bank of China’s own digital currency will be tested during the Beijing Winter Olympics.

Warning: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by market makers. Therefore, the prices may not be exact and differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.