Chinese currency stable, bank governor insists

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>China’s central bank governor has insisted the yuan is stable&comma; in a bid to dispel fears of more declines following a surprise devaluation that led to turmoil in global markets&period;<&sol;p>&NewLine;<p>The yuan’s exchange rate against the dollar &OpenCurlyDoubleQuote;tends to be stable&comma;” Zhou Xiaochuan said at a meeting of finance officials of the Group of 20 major economies in Turkey on Friday&comma; according to a central bank statement&period;<&sol;p>&NewLine;<p>Beijing said the devaluation on August 11 was part of efforts aimed at making the yuan’s state-set exchange rate more market-oriented&period; However&comma; coming without warning amid a collapse in Chinese share prices&comma; it caused anxiety in financial markets&period;<&sol;p>&NewLine;<p>Mr Zhou’s comments appeared to be aimed at quelling fears Beijing might allow the currency&comma; also known as the renminbi &lpar;RMB&rpar;&comma; to fall further to help its struggling exporters by giving them a price advantage&period;<&sol;p>&NewLine;<p>The devaluation had spurred warnings of a possible &OpenCurlyDoubleQuote;currency war” if other governments responded by lowering their own exchange rates&period;<&sol;p>&NewLine;<p>The statement read&colon; &OpenCurlyDoubleQuote;At present&comma; the exchange rate of the RMB against the dollar tends to be stable&comma; and most of the correction of the stock market has taken place&comma; so the financial market is expected to be more stable&period;”<&sol;p>&NewLine;<p>Mr Zhou said Beijing was committed to carrying out economic reforms despite recent turbulence in its financial markets&period;<&sol;p>&NewLine;<p>Also at the G20 meeting&comma; finance minister Lou Jiwei tried to defuse concern about the slowdown in Chinese economic activity&comma; saying Beijing is &OpenCurlyDoubleQuote;not especially concerned” about short-term fluctuations and will stick to its reform plans&period;<&sol;p>&NewLine;<p>The ruling Communist Party is in the midst of a marathon effort to encourage domestic consumption and reduce reliance on trade and investment to drive growth&period; It has promised to give market forces a bigger role in the state-dominated economy&period;<&sol;p>&NewLine;<p>Concerns have mounted&comma; however&comma; that growth is slowing too abruptly after July exports and auto sales contracted and August factory activity weakened&period;<&sol;p>&NewLine;<p>Mr Lou said the Chinese government expects economic growth of &OpenCurlyDoubleQuote;about 7&percnt;” this year&comma; according to the central bank statement&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;China is in line with plans and will stick unswervingly to ’reform and opening up&comma;”’ he said&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed2e6aeb266">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; 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