June 21, 2019 / 12:37 AM / a month ago

Impact of further U.S. tariffs on Chinese economy likely limited - regulator in People's Daily

FILE PHOTO: Guo Shuqing, China's newly appointed banking regulator, attends a news conference ahead of China's parliament in Beijing, March 2, 2017. REUTERS/Shu Zhang

SHANGHAI (Reuters) - The impact of additional U.S. tariffs on the Chinese economy will be very limited, the head of the banking and insurance regulator, Guo Shuqing, wrote in an article in the People’s Daily newspaper on Friday.

Guo, also the top Communist Party official at the People’s Bank of China, said fluctuations in the yuan exchange rate were normal in the short term but over a longer horizon the currency would not continue to lose value given China’s economic fundamentals.

Reporting by John Ruwitch; Editing by Michael Perry

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