BEIJING (Reuters) - China will deepen financial sector reforms and fend off major risks in the economy, the banking and insurance regulator said on Thursday.
China’s economic fundamentals showed no possibility of a sharp yuan depreciation and the yuan could rise in future, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in a statement published on the regulator’s website.
The yuan had entered “a reasonable range of two-way fluctuations”, said Guo, who is also the Communist Party chief of the central bank.
A trade war initiated by the United States could not be sustained, Guo added.
Reporting by China Monitoring Desk; Editing by Nick Macfie