China is confident in its ability to maintain stability of the yuan's exchange rate at a reasonable and equilibrium level, said Pan Gongsheng, a deputy governor of the People's Bank of China in a commentary released by the central bank on Sunday.
Pan, who is also director of the State Administration of Foreign Exchange, said in an interview with the PBOC-run Financial News. "In recent years, we have accumulated rich experience and developed multiple policy tools to cope with volatility in the foreign exchange market."
"We will make the necessary counter-cyclical adjustments and strengthen macro prudential . . .
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