China restates its policy for stabilising the yuan

CHINA yesterday reiterated its policy to maintain the stability of the yuan at a reasonable and balanced level. <br /><br />Beijing was responding to comments on Monday by US President Barack Obama, who said he would discuss the currency when he visits the country next week.<br /><br />Chinese Foreign Ministry spokesman Qin Gang said China would keep improving the currency&rsquo;s exchange rate mechanism with a view to gradually making the yuan more flexible.<br /><br />Obama has promised to tackle the issue of the yuan, which is pegged to the US dollar, and whether the Chinese currency is undervalued or not.