The renminbi exchange rate has shown a strengthening trend recently amid falling US Treasury yields and positive changes in domestic economic recovery.
China's central bank on Sunday announced that it and the National Financial Regulatory Administration have approved an application by Mastercard's Chinese joint venture to conduct bank card clearing operations in the country.
Aggregate and structural monetary tools are expected to be better leveraged to expand domestic demand, boost expectations and provide more substantial support for the real economy.
The Chinese central bank's cuts to benchmark interest rates on Aug. 15 are timely and will stabilize growth and market expectations — and more stimulative measures can be expected to further facilitate economic recovery.
Stressing the need of optimizing foreign exchange policies, efforts were urged to keep a close eye on cross-border capital flows and strengthen macroprudential regulation and expectation management to keep the yuan exchange rate generally stable at a reasonable and balanced level.