(ECNS) - China has maintained overall stability in cross-border capital flow and the foreign exchange market amid Sino-U.S. trade frictions, said Wang Chunying, head of the international payments department at the State Administration of Foreign Exchange.
China's economic resilience, ability to adapt and large leeway form a solid foundation for the smooth operation of the foreign exchange market, said Wang in a press conference at the State Council Information Office.
China's economic growth has shifted from relying mainly on industry to both industry and services, from mainly investment-driven to both investment and consumption-driven, and from an exporter to both export and import power, said Wang, adding the changes have made China's economy resilient and stable.
Wang also said China will consolidate its advantages in the international market because the country’s economy is currently entering the high-quality development stage and has made steady progress in economic transformation.
In addition, the domestic market has great potential while financial risks are generally controllable, foreign exchange reserves are sufficient and there is large space for policy adjustment, so China has capabilities and confidence to meet various challenges, said Wang.
Wang mentioned that China has further accumulated experience in dealing with external pressures and has more policy tools.
The foreign exchange bureau will continue to adhere to the general goal of making steady progress, deepening reform of foreign exchange management and safeguarding the safety, flow and value of foreign exchange reserves, said Wang.
