China Urges Stable Yuan, More Open Fin'l Markets

China said authorities must continue to keep the yuan exchange rate "basically stable" at a reasonable and balanced level, according to a statement on Gov.cn following a State Council meeting on Tuesday chaired by Premier Li Keqiang. Officials must further open up the financial sector to foreign capital using the system based on the "negative list, " optimize the entry barriers for foreign banks and insurance companies and enhance the cross-border rules on the dealings between the parent company and its subsidiary, according to the statement. The council also urged to help boost trade by reducing processing time for imports and exports and lowering port fees, the statement read.