China financial system 'largely stable'

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China financial system 'largely stable'

SAFE made the comments in a statement on its website after concluding an internal meeting, according to Reuters. The SAFE said in an online statement that it will further facilitate cross-border trade and investment, and continue to promote the yuan's convertibility under the capital account in an orderly manner.

China's financial regulators have come under heavy scrutiny after a surprise devaluation of the yuan CNY=SAEC on Aug. 11 sharply accelerated capital outflows.

On Thursday, the central parity rate of the yuan weakened by 332 basis points to 6.5646 against the US dollar, its weakest level in nearly five years, according to the China Foreign Exchange Trading System.

Beijing: China's foreign exchange reserves, the largest in the world, posted the sharpest monthly fall in over three years in December at USD 3.33 trillion, official data reported today.

"The yuan should depreciate at least 10 percent to have any impact on exports... but I don't think the authorities will take this step", a researcher at China's commerce ministry told CNBC.

 

People sit in front of an electronic boarding that was turned off after trading was suspended, at a brokerage house, in Beijing, China, January 7, 2016.

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