(Bloomberg) -- China has accumulated the experience and has ample policy tools to cope with forex market fluctuations, State Administration of Foreign Exchange head Pan Gongsheng said.
China has the confidence and capability to keep its foreign exchange market stable and ensure that the yuan trades at a reasonable and equilibrium level, Pan said in an interview with Financial News, a People’s Bank of China publication, according to a statement on the Chinese central bank’s website.
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China’s stable economic and financial performance provides strong support to keep the forex market and Chinese currency steady, said Pan, who is also deputy governor of the PBOC. China’s forex market is expected to see more capital inflow this year, he added.
The regulator will make counter-cyclical adjustments and step up macro-prudential management as needed, Pan said, without elaborating on the measures. China will stick to its financial reform and opening up policies, and deepen forex management reforms to facilitate cross-border investment and trade, he said.
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