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China central bank: Yuan exchange rate adjustment basically finished

The value of the yuan has gradually returned to market levels after declines of previous days, and the yuan will remain strong in the long run, assistant governor of the People's Bank of China says

© AP Photo/Andy Wong

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BEIJING, August 13. /TASS/. China's central bank said on Thursday that an adjustment of the yuan’s exchange rate was basically complete and the currency stabilised after devaluation earlier in the week.

"Adjustment to close the gap between the central parity rate and the actual trading rate of China's currency, the renminbi (RMB) or yuan, is basically complete," state news agency Xinhua quoted Zhang Xiaohui, assistant governor of the People's Bank of China (PBOC), as saying.

"The value of the yuan has gradually returned to market levels after declines during previous days, and the yuan will remain strong in the long run with no basis for persistent and substantial depreciation," said Zhang.

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On Tuesday, by the decision of the National Bank of China the official exchange rate of the yuan against the dollar was reduced by 1.9% to 6.2298 yuan per dollar - its lowest point in almost three years. As the regulator explained, the decision "on optimization of design procedure" of the exchange rate was made taking into account surplus in China’s foreign trade as well as strong positions of the yuan against other countries’ currencies.

On Thursday, the yuan exchange rate dropped 1.1% to 6.401 per dollar, after slides of 1.6% and 1.9% in the past two days.

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China Economy Currency

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