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The Chinese yuan will remain basically stable depending on domestic and foreign economic conditions, international balance of payments, and changes in the global FX market, said Wang Chunying, spokeswoman of the State Administration of Foreign Exchange at a briefing on Friday.
An appreciation of the yuan against the U.S. dollar this week was normal and driven by market forces, mainly due to a decline in the U.S. dollar index amid news of the Fed's shrinking balance sheet and rising expectations of rate hikes by major economies, said Wang. She added that China's trade surplus with the U.S. remained high with increased demand for FX settlement.
When asked whether China will continue to reduce its holding of U.S. Treasury bonds, Yang said China is a responsible long-term investor and will carry out professional management of the FX reserves according to market conditions and investment needs.