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Conditions are right for Chinese yuan stability

Staff Writer | November 28, 2016
Current conditions point to a stabilisation of China’s yuan after a volatile recent performance against the U.S. dollar, a central bank vice-governor said, adding that the currency remains strong.
Yi Gang
Asia   The yuan declined in value
The yuan’s decline in value has accelerated since Donald Trump’s surprise victory in November 8’s U.S. presidential election and it plumbed 8 1/2 -year lows versus the U.S. dollar last week.

“[China’s] international balance of payments are basically stable, the merchandise trade surplus remains relatively large, and the Chinese yuan has the conditions to remain basically stable within a reasonable range in the future,” People’s Bank of China vice-governor Yi Gang said on state TV.

Yi said the yuan showed characteristics of a strong currency as it had fallen less than other currencies against the dollar in recent weeks and rose versus other units in October, according to Xinhua.