PBOC says China to keep yuan 'basically stable'

The People's Bank of China said on Thursday 11 March that it will keep the exchange rate of the yuan "basically stable," despite continued pressure to allow it to float freely.

The announcement was made by the People's Bank of China on the sidelines of the country's nominal legislature, the National People's Congress.

The People's Bank promised to "keep the renminbi exchange rate basically stable at an adaptive and equilibrium level."

The statement echoed previous assertions by the government an