June 13, 2019 / 3:31 AM / 3 months ago

China is confident of keeping yuan basically stable - FX regulator

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

SHANGHAI (Reuters) - China’s foreign exchange regulator reiterated that China is capable and confident of keeping its currency basically stable.

Pan Gongsheng, head of the State Administration of Foreign Exchange, said at a financial forum in Shanghai on Thursday that the country’s FX market is largely stable with FX reserves steadily rising.

Pan added that China’s current account surplus remains in reasonable range, and said Beijing will continue to push ahead with efforts to open up of the capital account.

He noted that the ratio of foreign investors in China’s capital market is still low and has huge room for growth.

Reporting by Li Zheng and David Stanway; Editing by Shri Navaratnam

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