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Chinese yuan to be stable in 2017: central bank governor

Updated: Mar 10,2017 11:34 AM     Xinhua

People’s Bank of China Governor Zhou Xiaochuan speaks at a news conference in Beijing, March 10, 2017. [Photo/Xinhua]

BEIJING — Chinese currency, the yuan, will “automatically” stabilize this year amid a firming economy and global confidence in the country’s growth prospects, central bank governor Zhou Xiaochuan said on March 10.

“There will not be big changes in central bank policies in 2017, and we will have more detailed work on policy implementation and supervision,” Zhou said at a press conference on the sidelines of the annual parliamentary session.

He also noted unpredictability in the foreign exchange market due to uncertainties both at home and abroad, saying fluctuations will be normal.

In the government work report delivered by Premier Li Keqiang, China pledged to continue market-oriented reform in the RMB exchange rate mechanism and maintain the currency’s stable position in the global monetary system.

People’s Bank of China Governor Zhou Xiaochuan said on March 10 that the fluctuation in the forex market is quite normal and the market should not read too much into the changes.

Zhou said the central bank will enhance regulation of forex market in the future.