China Says to Deepen Financial Reforms, Sees No Sharp Yuan Fall
China will deepen financial sector reforms and fend off major risks in the economy, the banking and insurance regulator said on Thursday.
China&`#`39;s economic fundamentals showed no possibility of a sharp yuan depreciation and the yuan could rise in the future, Shuqing Guo, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in a statement published on the regulator&`#`39;s website.
The yuan had entered "a reasonable range of two-way fluctuations," said Guo, who is also the Communist Party chief of the central bank.
A trade war initiated by the United States could not be sustained, Guo added.