PBOC’s Yi: Yuan is stable, rate decided by the market

The People's Bank of China (PBOC) Deputy Governor Yi Gang is out on the wires now, via Reuters, noting that the Yuan is stable, adding that the exchange rate is decided by the market.

Earlier today, we had the Chinese Premier Li making the following comments on the economy and exchange rate level.

 China will keep prudent monetary policy neutral.

Will keep monetary policy not too loose, not too tight.

Will maintain reasonably steady liquidity.

Will keep proactive fiscal policy unchanged.

Will achieve substantial progress in supply-side reform.

Will keep macro leverage ratio basically steady.

Will effectively control various risks.

Will maintain stability and continuity in macro policy.

China will step up reform and opening up.

 Will deepen fiscal and tax reforms.

Will also deepen financial system reform.