Renminbi gets foundation for stabilization

Country's current account is in line with fundamentals, IMF economist says

China's current account with the rest of the world will remain balanced and stable this year, easing the depreciation pressure on the renminbi despite Sino-US trade tensions, according to the country's foreign exchange regulator.

The trade tensions have so far had limited impact on China's cross-border capital flows, and the market's reaction was more rational in the past two months than in the second half of 2018, with fewer expectations of a weaker renminbi, Wang Chunying, a spokeswoman for the State Administration of Foreign Exchange, said on Thursday.