China to keep yuan broadly stable, central bank-backed publication reports

China will keep the yuan exchange rate broadly stable at reasonable and balanced levels, a central bank-backed publication quoted a bank official as saying on Tuesday.

China's solid economic fundamentals and balanced international payments will provide a solid basis for a stable currency in the mid- to long-term, the official Financial News reported.

It added that the central bank will continue to uphold the decisive role of the market in currency formation, keep currency flexibility and strengthen expectation guidance while fending off currency overshooting risks.

Reuters