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Industry

Yuan exchange rate in line with fundamentals: IMF official

August 30, 2019


Abstract : Although facing pressures from the external environment, Chinese currency's exchange rate is in line with fundamentals as the country's foreign exchange reserves remain ample, an IMF official said Friday.

BEIJING, Aug. 30 (Xinhua) -- Although facing pressures from the external environment, Chinese currency's exchange rate is in line with fundamentals as the country's foreign exchange reserves remain ample, an IMF official said Friday.

Zhang Longmei, the IMF deputy resident representative for China, made the remarks at a seminar in Beijing.

Noting China's efforts in pushing structural reforms, Zhang hailed the country's progress in areas including financial deleveraging and wider opening up.

Due to trade uncertainties, the yuan has weakened against the U.S. dollar in recent months. The central parity rate of the yuan weakened 21 pips to 7.0879 against the dollar Friday.

Alfred Schipke, IMF senior resident representative for China, said China could adjust macroeconomic policies and increase the flexibility of the exchange rate regime to cope with increasing uncertainties in the global market.

China's forex reserves came in at 3.1037 trillion dollars at the end of July, up 1 percent from the beginning of 2019.

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