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China’s central bank governor says yuan has stabilised against the dollar

China’s central bank governor has told a meeting of the G20 that China’s currency has stabilised against the dollar after the country’s surprise announcement in August to revalue the yuan amid stock market turmoil.

Zhou Xiaochuan told a meeting of G20 finance ministers and central bank governors in Turkey that the exchange rate of the yuan against the dollar “tends to be stable”, according to a statement late on Saturday on the website of the People’s Bank of China.

“At present, the exchange rate of RMB against dollar tends to be stable, and most of the correction of the stock market has taken place, so the financial market is expected to be more stable,” the statement read.

More details to come …


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