BEIJING, China – China’s central bank governor has told a meeting of the G-20 that China’s currency has stabilized against the dollar after the country’s surprise announcement last month to revalue the yuan amid stock market turmoil.
Zhou Xiaochuan told a meeting of G-20 finance ministers and central bank governors in Turkey on Friday that the exchange rate of the yuan against the dollar “tends to be stable,” according to a statement late Saturday on the website of the People’s Bank of China.
“At present, the exchange rate of RMB against dollar tends to be stable, and most of the correction of the stock market has taken place, so the financial market is expected to be more stable,” the statement read.
China unexpectedly announced a more flexible exchange rate on Aug. 11 which it said was aimed at making the tightly controlled yuan more market orientated. The move rattled global financial markets.