China will keep the exchange rate of the yuan basically stable at an adaptive and balanced level, a central bank official said Friday.
The People's Bank of China (PBOC) said that the stability of the yuan exchange rate would be supported by multiple favorable factors, including the equilibrium in the balance of payments, foreign exchange market resilience, the government's supportive macroeconomic policies that have notably improved market expectations, and the firming up of the country's economic recovery.
"The exchange rate of the yuan is likely to show two-way fluctuations, affected by factors such as the diverging development trends among economies, geopolitical uncertainties, and volatility in the global financial markets. The PBOC will continue to uphold the decisive role of the market in formation of exchange rate, maintain flexibility of exchange rate, and strengthen expectations management, to prevent the formation of unilateral collective expectations and self-realization in the foreign exchange market and forestall exchange rate overshooting risks, therefore to keep the rate basically stable at an adaptive and balanced level," said Liu Ye, an official with the International Department of the PBOC.
The PBOC's series of policies to boost the country's economic growth are taking effect.
It will continue to work with other departments to enhance support for the stable development of foreign trade, Liu said.
China to keep yuan exchange rate basically stable: central bank
U.N. Secretary-General Antonio Guterres on Thursday called on all parties to the United Nations Framework Convention on Climate Change (UNFCCC) to manage differences and work together to achieve new climate finance targets -- the primary task of the 29th session of the Conference of the Parties (COP29) to the UNFCCC.
The COP29 kicked off in Azerbaijan's capital city of Baku on Nov 11 and ran until Nov 22 . This year's climate conference is aimed at seeking a new climate change funding goal to replace the existing collective target of mobilizing and providing 100 billion U.S. dollars annually by developed countries in support of developing countries.
"I felt that the delegations are still largely with their initial positions. So now is the moment to move from the initial positions and to find the areas of possible compromise. And my appeal to all parties is to do exactly that," he said.
Guterres said that failure is not an option, as it could jeopardize recent climate action and undermine the ambition to develop new national climate action plans.
He also stressed that the world needs countries to unite amid geopolitical differences and uncertainties, and called on all parties to look at the overall situation and find a way out of differences.
"A success is important to build [building] trust between nations. International cooperation centered on the Paris Agreement is indispensable to climate action. Amid geopolitical divisions and uncertainties, the world needs countries to come together here in Baku," he said.
UN chief calls for concerted efforts to achieve new climate finance targets at COP29
