China has the ability, confidence and conditions to keep the RMB exchange rate basically stable, according to a statement released Monday by the People's Bank of China.

Financial authorities will take actions when necessary, resolutely correct one-sided and pro-cyclical actions, deal with disruptions to market order, and guard against the risk of exchange rate overshooting, according to the statement.

With the introduction and implementation of policies to stabilize the economy and expectations, the Chinese economy is accumulating momentum, the statement noted, adding that this provides a solid foundation for the RMB exchange rate to remain stable at a reasonable and equilibrium level.

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