Yuan's strengthening over long term will remain unchanged

The market status of the yuan and the strengthening of the yuan over the long term will remain unchanged despite some short-term unstable factors, said an official of the China Banking and Insurance Regulatory Commission on Friday.

China's economy has a strong resilience, adequate potential, and broad space for maneuver. The current challenges facing the Chinese economy are caused by unexpected factors while the upward trend over the long term will remain unchanged. As the economy is on the rise, currency appreciation will be inevitable, the official said. The surplus registered continuously by China's current account and huge outbound investment net assets have provided strong support for the stabilization of the yuan. Those who sell the yuan and buy foreign currency now will certainly regret doing so in the future, the official said.

The CBIRC will stick to promoting high-quality development, support the construction of a modernized industrial system, keep enhancing the quality and efficiency of serving the real economy, and make every effort to stabilize the fundamentals of China's macroeconomy, the official said.

In the first three quarters, new yuan loans came to a total of 18.08 trillion yuan ($2.49 trillion), rising 1.36 trillion yuan from the same period last year.