PBOC says stable yuan likely soon

Central bank to press ahead with efforts to internationalize currency

Yuan exchange rates will have a more stable foundation after the 19th National Congress of the Communist Party of China and the market will have a bigger role in determining the currency's value, a top central bank official said on Wednesday.

The People's Bank of China, the central bank, has almost withdrawn its "regular" intervention in the foreign exchange market, Pan Gongsheng, head of the State Administration of Foreign Exchange, said while attending the congress.