China’s central bank governor says the stabilizing original key to global financial stability

BEIJING (Reuters) – China’s central bank governor says stable yuan currency is key to global financial and economic stability on Sunday, with Beijing expecting markets to play a crucial role in determining exchange rates He said he would continue to do so.

People’s Bank of China Governor Pan Gongsheng said at a meeting in Saudi Arabia that most currencies have fallen against the dollar, but the yuan is stable.

“The Dollar Currencies, which has recently been pushed by a number of factors, are mostly depreciated. However, despite the high market volatility, the Yuan is largely stable.”

He also said China is increasingly prioritizing consumption and implementing consumption promotion policies, such as increasing household income and providing subsidies.

China emphasizes that increasing consumption will be a top priority in 2025, moving away from excessive reliance on investments to stimulate domestic demand and address potential export challenges.

Pan also said in his speech that China will adopt aggressive fiscal and regulated monetary policy and strengthen anti-cyclical policy adjustments.

(Reporting by Serena Lee, Sophie Yu and Ryan Wu, edited by William Mallard and Jamie Fried)