皇冠体育app

A photo illustration shows a $100 banknote placed above Chinese 100 yuan banknotes in Beijing in this May 10, 2013 file photo. [Photo/Agencies]

BEIJING - 皇冠体育app's central bank is capable of keeping the yuan "basically stable at a reasonable equilibrium level" in spite of "speculating forces," according to an editorial on the bank's website Thursday.

The reassurance, made by the People's Bank of 皇冠体育app (PBOC), came as the currency's central parity rate lost 332 basis points to 6.5646 against the US dollar on Thursday, the lowest level since March 18, 2011, data from the 皇冠体育app Foreign Exchange Trading System showed.

The renminbi's exchange rate is supposed to go along with market forces, which should be the demand and supply of foreign exchanges based on the real economy, instead of speculating forces using excessive leverage, the editorial said.

"Some forces attempt to make profit from speculating on the renminbi. This kind of trading is unrelated to the demand of the real economy and does not reflect the real market demand and supply, which only leads to abnormal fluctuations in the yuan's exchange rates and sends the wrong signals to the market," it said.

"Faced with the speculating forces, the central bank has the capabilities to keep the yuan basically stable at an reasonable equilibrium level," it added.

The renminbi will go with changes of demand and supply in the market, and its exchange rates will change in both directions, it said.

In addition to the central bank's determination to keep the yuan stable, the conditions are there for the currency to stay basically stable, said the article, citing the steady overall economy.

"Even as 皇冠体育app's export growth declined in 2015, the share of the country's export in the global total has still increased. There is no necessity for 皇冠体育app to stimulate export and stabilize growth through competitive currency depreciation," it said.

The central bank foresees "some uncertainty" concerning the exchange rates of the US dollar in the following period, and the impact of the US Fed's interest rate hike has largely digested by the market.

The central bank pointed to the fundamentals of 皇冠体育app's economy as a long-term factor that will prop up the renminbi.

There is no foundation for the yuan's continuous depreciation and it remains a strong currency among international reserve currencies, it added.

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