Central Banks
China Says Stable Yuan Key to World Economy Hit by Strong Dollar
- China to keep yuan rate at an ‘adaptive and equilibrium level’
- Policy focus shifting to consumption from investment, Pan says
Shoppers walk down Nanjing East Road, in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s central bank governor said a steady yuan has contributed to the stability of global financial markets and economies around the world, drawing a contrast with a dollar that’s surged as part of fallout from Donald Trump’s tariffs.
While many currencies have depreciated recently against the greenback, the yuan has remained largely stable, People’s Bank of China Governor Pan Gongsheng said in a keynote speech at a conference in AlUla, Saudi Arabia, on Sunday.