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Yuan Not to See a Continued Depreciation
Chinese economists believe that the yuan exchange rate will remain stable
By Xu Bei & Deng Yaqing | Web Exclusive

As of 2015, the yuan has kept depreciating against the U.S. dollar due to the economic slowdown both home and abroad. But there is no basis for yuan to see a continued depreciation in the future, according to the Chinese official economic statistics and the 2015 Government Work Report released by Premier Li Keqiang at the ongoing Two Sessions.

Li Yining, member of the 12th National Committee of the CPPCC, economist

"It is impossible for yuan to see large depreciation. China's foreign trade remains stable and depreciation of yuan will not be needed to sustain its growth."

 

 

Li Ruogu, member of the 12th National Committee of the CPPCC, former chairman of the Export-Import Bank of China

"The yuan exchange rate is not as risky as it is being made out to be in rumors. The basis of the yuan's stabilization is rooted in China's economic and financial development."

 

Yi Gang, member of the 12th National Committee of the CPPCC, vice governor of the People's Bank of China 

China's labor productivity and total factor productivity keep increasing steadily. It has a large-scale favorable balance of trade in commodities, surging FDI and ODI figures, as well as ample foreign exchange reserves. Therefore, the yuan exchange rate, in a mid-and-long term, will basically remain stable at an appropriate level.

Copyedited by Bryan Michael Galvan

Comments to chenran@bjreview.com

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