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
The number of 5G mobile subscribers in China exceeded one billion at the end of November, China's Ministry of Industry and Information Technology (MIIT) said on Monday.
In total, there are 1.002 billion 5G mobile subscribers in the country, accounting for 56 percent of the total number of mobile users, who are customers of China Mobile, China Unicom, China Telecom, and China Broadnet. This marks a 9.4 percentage point increase in the share of 5G subscribers compared to the end of last year.
China's total number of mobile subscribers stood at 1.79 billion at the end of November, representing a net increase of 46.82 million from the end of the previous year, according to the MIIT.
As the country has made significant strides in advancing its network infrastructure - deploying 5G stations, gigabit optical networks, and the Internet of Things (IoT) - the number of connected users has grown, and mobile network data traffic has surged.
By the end of November, the total number of 5G base stations across China reached 4.191 million, up by 815,000 compared to the end of the prior year, the ministry said.
Meanwhile, the number of internet broadband access ports rose to 1.2 billion, marking a net increase of 63.6 million from the end of the previous year.
Data also indicated steady growth in cumulative revenue from the telecommunications sector. In the first 11 months of the year, the revenue reached 1.59 trillion yuan (about 217.83 billion U.S. dollars), reflecting a 2.6-percent year-on-year increase. When adjusted for last year's prices, the telecom revenue grew by 10 percent.
China's 5G mobile subscribers exceed 1 billion
