China's economy is firming, with its GDP expanding 6.9 percent year on year in the first three quarters, and 6.8 percent in the third quarter, the ninth straight quarter for China to see economic growth of at least 6.7 percent, all adding to evidence that the economy is on a steady footing.
The World Bank this month raised its forecast for China's economic growth in 2017 to 6.8 percent, up from the 6.7 percent it projected in October, citing stronger personal consumption and foreign trade.
Apart from strong GDP growth, China has also maintained a current account surplus, abundant forex reserves, sound fiscal conditions and stable financial systems, all helping support its currency.
STRONGER REGULATION
In the past year, China has cracked down on illegal capital transfers disguised as outbound investment, stepped up regulation of irrational overseas investment activities and strengthened scrutiny over irregular forex purchases by individuals.
Authorities have also introduced a "counter-cyclical factor" to the existing pricing model of the yuan's central parity rate against the dollar, aiming to moderate pro-cyclical fluctuations driven by irrational sentiment in the foreign exchange market.
Thanks to these moves, cross-border capital flows have become more stable and balanced, contributing to a gradual pick-up in forex reserves.
The forex stockpile dipped below 3 trillion U.S. dollars in January but increased steadily over the following 10 months, reaching 3.1193 trillion dollars at the end of November.
【国内英语资讯:Economic Watch: 4 reasons why RMB stood tall in 2017】相关文章:
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