July 3, 2018 / 2:29 AM / 20 days ago

China confident of maintaining yuan basically stable - FX regulator

(Reuters) - China is confident of maintaining the yuan currency basically stable and keep it at ‘reasonable’ level, the country’s foreign exchange regulator Pan Gongsheng said in Hong Kong on Tuesday.

FILE PHOTO: A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo/File Photo

The comments from Pan, who is also the vice governor of the People’s Bank of China, came at a time that the Chinese currency was on a downward spiral. The onshore yuan weakened past 6.7 per dollar in early trading on Tuesday for the first time since Aug. 9, 2017.

Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam

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