PBOC Explains Xi’s ‘Powerful Currency’ Idea, Vows Tech Support
- Yuan should be stable and easy to use, deputy governor says
- China also seeks greater use of yuan in international markets
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China’s central bank said President Xi Jinping’s idea of a “powerful currency” is one that is stable and easy to use, as it pledged to play a key role in developing a competitive financial system and supporting the top leader’s strategy.
A strong currency should have a stable value domestically, and maintain an exchange rate that’s “basically stable” and at a “reasonable, equilibrium level” externally, Tao Ling, Deputy Governor of the People’s Bank of China, said in an interview published by the central bank Thursday.