NEW YORK, Feb. 12 (Xinhua) -- While fluctuations will continue, China's yuan will stabilize around current level as China's economy improves, and the country's relations with the U.S. advance, said a foreign exchange expert on Sunday.
"China's improving economy will certainly help the yuan as fundamentals are always the most important factor in currency movements however they take time to take effect," said Stephen Simonis Sr., Chief Currency Consultant at FXDD Global.
According to International Monetary Fund's latest forecast, China's GDP growth will stand at 6.5 percent on expectations of continued policy support. The country's GDP grew 6.7 percent year on year in 2016, lowest reading in nearly three decades, but within the government's target range.
China's manufacturing sector expands for the sixth month in a row, with manufacturing purchasing managers' index came in at 51.3 in January, adding evidence that the world's second largest economy is stabilizing amid uncertain global outlook.
"Moreover, U.S. President Donald Trump's phone call to Chinese President Xi Jinping, although not about currencies, will also help stabilize the yuan as it shows some positive communication between the leaders of the two biggest economies in the world," Simonis said.
He added that Trump's mention of China as a currency manipulator appears to be an off-the-cuff comment.
"We think that Trump will use much more tempered language when discussing the situation in China moving forward and he will be less accusatory since pointing fingers will not help," said Simonis.
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