May 23, 2019 / 9:16 AM / a month ago

China has ample policy tools to cope with yuan swings: central bank

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

BEIJING (Reuters) - China has ample policy tools to cope with yuan fluctuations and the country is able to keep the currency basically stable, Liu Guoqiang, a vice central bank governor, said in remarks published on Thursday.

China’s foreign exchange market remained steady, despite some overshooting in the yuan exchange rate, Liu was quoted by Financial News, a newspaper run by the central bank, as saying.

Liu also said China’s foreign exchange reserves remained ample, while its macro leverage ratio was basically stable and fiscal and financial risks were under control.

Reporting by China Monitoring Desk and Kevin Yao; Editing by Richard Borsuk

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