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China’s premier says market confidence in yuan has significantly improved

Market confidence in China’s yuan currency has improved significantly, Premier Li Keqiang said on Tuesday, reported Xinhua. 

“China’s foreign trade grew sharply in the first quarter of this year,” Xinhua quoted Li as saying in a post on Weibo, the country’s equivalent of Twitter. 

Li stressed a very important reason is that market confidence in the renminbi (yuan) has significantly strengthened. “The outside world has stable expectations for yuan’s exchange rate,” he added. 

Li also reiterated that China would keep the yuan basically stable at a reasonable, balanced level, Xinhua said. 

In a semiannual report to the US congress last Friday, the Treasury Department declared that no major trading partner of the US, including China, was manipulating its currency. It shows Trump’s tough talk on China was only campaign rhetoric, Wei Benhua, a senior researcher at Chongyang Institute for Financial Studies at Remin University was quoted by Xinhua. 

In the first quarter of 2017, China saw a total of 6.2 trillion yuan's imports and exports, up by 21.8 percentage points year on year, with exports accounting for 3.33 trillion yuan, a rise of 15 percent while imports made up 2.87 trillion yuan, up by 31 percent, based on customs statistics. 

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