China has the confidence and capability of keeping the yuan stable: central bank

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Despite destabilizing factors on a global scale, China's central bank said it "has the experience, confidence and capability of keeping the yuan's exchange rate basically stable at a reasonable and balanced level."

China's central bank reiterated on Monday that it has the confidence and capability of keeping the yuan exchange rate basically stable.

The People's Bank of China (PBOC) attributed the weakening of the currency beyond 7 yuan per U.S. dollar on Monday to factors including measures of unilateralism and protectionism, as well as the expectation of additional tariffs on Chinese goods.

Despite the weakening, the yuan has maintained basically stable and strong against a basket of currencies.

"The PBOC has the experience, confidence and capability of keeping the yuan's exchange rate basically stable at a reasonable and balanced level," the statement said.