China to keep yuan basically stable: official

Updated: 2010-03-09 10:09
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BEIJING: China will keep the exchange rate of the renminbi, or the country's currency yuan, basically stable at a reasonable and balanced level, a central bank vice governor reaffirmed Tuesday.

Yi Gang, vice governor of the People's Bank of China, also director of the State Administration of Foreign Exchange, said China achieved "relatively good" yields from its management over foreign exchange reserves in the past two years.

China has fully considered risk control in the allocation of the currencies and assets, and high-risk products such as subprime mortgages and collateralized debt obligations are not among China's investment list, he said at a press conference on the sidelines of the annual session of the National People's Congress, the country's top legislature.

China's foreign exchange reserves stood at $2.3992 trillion at the end of 2009, an increase of 453.1 billion dollars year on year.