Market expectation for renminbi to remain stable

The market expectation for the renminbi exchange rate has remained generally stable this year, helping to stabilize the country's macroeconomy, Xuan Changneng, vice-governor of the People's Bank of China said at a parallel session of the Fifth Hongqiao International Economic Forum, on Saturday.

By the end of October, Chinese companies will have utilized more than $1.1 trillion foreign exchange derivatives so far this year to manage foreign exchange risks. Small and micro-sized enterprises have used such derivatives more frequently this year, said Xuan.

Up to 26 percent of Chinese companies have used foreign exchange hedging tools this year. More than 29,000 companies have used financial products specially designed to avoid foreign exchange fluctuations for the first time, he added.

shijing@chinadaily.com.cn