PBOC’s Yi Tells G-20 Meeting China to Keep Yuan Basically Stable

(Bloomberg) -- The People’s Bank of China will keep the yuan basically stable at a reasonable and equilibrium level while deepening market-oriented foreign exchange reforms, Governor Yi Gang told Group of 20 finance ministers and central bank chiefs meeting in Japan.

• According to a statement published on the central bank’s website, Yi said growth of broad money supply, outstanding aggregate financing will keep pace with nominal GDP growth, a goal that was mentioned in Premier Li Keqiang’s work report in March
• Yi stressed that G-20 nations should show willingness to work together to resolve trade conflicts
• Yi said that China has ample policy room to tackle uncertainties
• Yi made the comments at a gathering of Group of 20 finance ministers and central bankers in Japan over the weekend
• NOTE: June 7, China’s Central Bank Chief Sees ‘Tremendous Room’ to Aid Growth

To contact Bloomberg News staff for this story: Huang Zhe in Beijing at zhuang37@bloomberg.net

To contact the editors responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net, Jeffrey Black

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With assistance from Bloomberg