October 26, 2018 / 6:32 AM / 25 days ago

China able to keep yuan stable, cope with external risks - PBOC vice governor

BEIJING, Oct 26 (Reuters) - China’s healthy economic fundamentals and ample foreign currency reserves will help keep the yuan basically stable, Pan Gongsheng, a vice governor at the People’s Bank of China, said on Friday.

The central bank will adopt macro-prudential measures to stabilise market expectations, Pan told a briefing, warning against speculators who seek to short the yuan.

Recent yuan falls reflected market supply and demand, and global market volatility, Pan said, reiterating that China will not engage in competitive currency devaluation to cope with trade frictions arising from the ongoing tariff war with the United States.

The authorities will actively deal with external risks caused by trade frictions, he added.

Pan went on to say the central bank will improve policy transmission mechanism to boost lending for small and private firms. The central bank has provided 10 bln yuan in initial funding for a scheme to promote private firms’ bond issuance, he said. (Reporting by Kevin Yao; Editing by Simon Cameron-Moore)

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