BEIJING (Reuters) – China is able to adapt to changes in the Federal Reserve’s monetary policy and officials expect overseas uncertainties to have a lesser impact on the local currency, the country’s currency regulator said on Friday.
Wang Chunying, a spokesman for the State Administration of Foreign Exchange (SAFE), cited a number of factors for his optimistic assessment, including the strength of the Chinese economy, expectations of a current account surplus, continued foreign investment and a optimized external debt structure.
“Of course, the foreign exchange regulator will also… will closely monitor the pace of changes in the Fed’s monetary policy and their impact, assess our country’s foreign exchange market operations in real time, and effectively maintain market stability,” Wang said. .
A more aggressive US central bank in fighting inflation, a narrowing Chinese yield differential and growing concerns over domestic economic growth have pushed the yuan to seven-month lows, with analysts expecting more downward pressure on the currency in coming months.
However, Wang expects the yuan to remain broadly stable at reasonably balanced levels, adding that the recent volatility is mainly due to the impact of global market fluctuations and changes in supply and demand.
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