PBOC to keep yuan stable, control credit

The People's Bank of China has pledged to keep the yuan stable at a reasonable level and allow market forces to play a fundamental role in setting the exchange rate.

The central bank said in its first-quarter monetary policy committee meeting statement that it will also "reasonably" control the growth of money, credit and investment.

"We will further improve the managed floating exchange rate system to make market demand-and-supply play a fundamental role in the yuan exchange rate formation and