China restates its policy for stabilising the yuan
CHINA yesterday reiterated its policy to maintain the stability of the yuan at a reasonable and balanced level.
Beijing was responding to comments on Monday by US President Barack Obama, who said he would discuss the currency when he visits the country next week.
Chinese Foreign Ministry spokesman Qin Gang said China would keep improving the currency’s exchange rate mechanism with a view to gradually making the yuan more flexible.
Obama has promised to tackle the issue of the yuan, which is pegged to the US dollar, and whether the Chinese currency is undervalued or not.