China’s leaders will try to keep the yuan on an even keel and pay more attention to “financial risks” next year, according to an official statement released on Friday after three days of top-level closed-door meetings.The yuan was stable in 2016, as long as you weren't watching USDCNY.
The priorities determined at the annual Central Economic Work Conference come amid rising pressure on the yuan to depreciate and growing risks to the financial system in the aftermath of the US Federal Reserve’s rate rise.
China would “keep the yuan exchange rate basically stable at a reasonable and balanced level while increasing flexibility in the exchange rate mechanism”, state-run Xinhua news agency reported.
China will also “put financial risk prevention and control into a more important position” to curb asset bubbles and to avoid any systemic financial risks, according to Xinhua.
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