August 12, 2019 / 8:42 AM / 8 days ago

China FX regulator says does not expect disorderly yuan depreciation

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

BEIJING (Reuters) - China’s foreign exchange regulator said on Monday it does not expect disorderly depreciation of the yuan despite the impact from external factors such as trade frictions.

China’s foreign debt is stable, and changes in the yuan’s exchange rate will not lead to large-scale deleveraging in the country’s foreign debt, Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE), wrote in an article posted in a central bank publication.

Pan added that China has the confidence and capability to effectively fend off shocks and risks and to maintain stable foreign exchange markets.

Reporting by Kevin Yao and Lusha Zhang; Editing by Jacqueline Wong

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