PBOC meeting ends with stable yuan pledge

The People's Bank of China concluded the second quarter meeting of its policy advisory committee with a statement pledging to continue with exchange rate reform while maintaining the stability of the yuan at a 'balanced and reasonable level'.

The bank said that it will also maintain a prudent monetary policy while stimulating consumption and curbing investment.

'We will perfect the yuan exchange rate system further and maintain the basic stability of the yuan at a balanced and reasonable level