China's Stock-Market Rout Is Almost Over, Says PBOC Governor
- Yuan exchange rate against dollar is stabilizing, Zhou says
- State intervention helped avoid systemic risk, Zhou says
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The rout in Chinese stocks is close to ending and the nation’s financial markets are expected to become more stable, according to the head of the country’s central bank.
State intervention in the equity market prevented systemic risk and stopped the free-fall in shares, People’s Bank of China Governor Zhou Xiaochuan said in a statement on the bank’s website Saturday. The yuan’s exchange rate versus the dollar is also close to stabilizing, he said, after a meeting by finance ministers and central bankers from the Group of 20 nations in Ankara.