China to keep RMB largely stable: central bank

BEIJING - China's central bank said on Monday that it will try to keep the yuan exchange rate largely stable in equilibrium.

The People's Bank of China (PBoC) made the remarks in a statement released after a quarterly meeting, during which the central bank discussed the current economic situation in China and abroad.

The PBoC said it will advance market-oriented interest rate reform and deepen reform in yuan exchange rate formulation, according to the statement.

In addition, the central bank reiterated that it will continue to implement prudent monetary policy and use a set of financial tools to maintain proper liquidity.

It will also optimize the credit structure in China's banking system and beef up financial support to the real economy.

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