China pledges to stabilize RMB exchange rate

BEIJING - The State Council, China's cabinet, pledged on Wednesday to stabilize the exchange rate of the yuan at a reasonable and balanced level.

It also pledged to facilitate renminbi settlement to help enterprises avoid risks in cross-border trade, according to a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang on Wednesday.

The cabinet also stressed providing more support to small and micro enterprises, as well as the development of emerging market.