Renminbi exchange rate remains stable

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Headquarters of the People's Bank of China, the central bank in Beijing. [Photo/Xinhua]

The Chinese renminbi exchange rate is stable, with stronger capacity to resist external shocks because of the improved resistance of the economy, the central bank's policy advisors said on Thursday at a quarterly meeting.

The meeting was held ahead of the G20 summit, which will open on Friday in Osaka, Japan, when leaders from the world's 20 largest economies gather to map out a plan to refuel bumpy global economic growth.

Exchange rate will be one of the topics on the leaders' talking points.

The Chinese monetary authority will keep a close eye on changes to global and domestic economic and financing situations and will take necessary and innovative measures to counter financial stresses, according to a People's Bank of China (PBOC) statement.

"The prudent monetary policy has reflected the counter-cyclical adjustments, and the fast rise of the macro leverage ratio has been initially curbed," said the statement, noting that external uncertainties and instabilities are increasing.

It reiterated that China will maintain a prudent policy tone and will avoid aggressive monetary stimulus. Measures should be taken to strengthen the real economy, especially to support the private sector.

The central bank skipped reserve repos consecutively for four days until Thursday, after it assessed the liquidity of the banking system as reasonable and sufficient, according to a notice on the website.

In June the PBOC injected 1.57 trillion yuan ($228 billion) into the market through open market operations, according to bank data.

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