China's Yuan Stability: Key to Global Economic Balance

China's central bank governor emphasized the yuan's stability as crucial for global economic stability. Despite global currency depreciation against the dollar, the yuan remained stable. China plans to boost consumption and prioritize policies that increase household income. A proactive fiscal policy and counter-cyclical adjustments are also on the agenda.

In a statement underscoring global economic concerns, China's central bank governor highlighted the yuan's stable role in maintaining global financial equilibrium. He asserted that, even as many global currencies weakened against a surging dollar, the yuan remained steady.

People's Bank of China Governor Pan Gongsheng, addressing the AlUla Conference for Emerging Market Economies in Saudi Arabia, stressed that China's policy shift towards boosting consumption is strategic, aimed at overcoming potential export pitfalls.

Pan emphasized that proactive fiscal strategies and accommodative monetary measures will accompany strengthened counter-cyclical adjustments, steering China towards a consumption-driven economy by 2025.

(With inputs from agencies.)