PBOC vows to maintain stable yuan

China's central bank said Monday 19 September it will keep the yuan rate basically stable as it works to improve the exchange rate mechanism introduced at the end of July.

In the statement following the latest quarterly monetary policy committee meeting, the People's Bank of China also said that there are easing expectations on the forward market of a further appreciation of the currency.

"China will maintain the basic stability of the yuan exchange rate at a reasonable and balanced level," it