Central bank chief sees yuan's strength

Central bank officials expressed full confidence on Tuesday in maintaining a stable and reasonable exchange rate for the yuan against the backdrop of escalating China-US trade friction and a strong US dollar.

The yuan weakened to its lowest level against the dollar this year, with the onshore spot trading price falling to 6.7167 in the morning before rebounding to 6.6492 by 5 pm. It has weakened by 2.4 percent against the dollar since the beginning of this year.

People's Bank of China Governor Yi Gang said in an interview with the China Securities Journal, posted on the bank's website, that China will keep the yuan's exchange rate "basically stable" at a reasonable level and continually deepen the market-oriented exchange rate reform, as the country's financial risks are largely controllable under a sound economic outlook.