Chinese yuan relatively stable against US dollar: official

The Chinese currency renminbi, or the yuan, has posted a stable performance in value against the U.S. dollar so far this year, Li Bin, deputy director of the State Administration of Foreign Exchange, said Tuesday.

"The renminbi exchange rate has remained relatively stable. In the first half of this year, the renminbi appreciated by 1.9 percent against the U.S. dollar. During the period, the renminbi's exchange rate against the U.S. dollar fluctuated between 7.15 and 7.35, and that helped maintain basic stability at a reasonable and balanced level, while also serving as an automatic stabilizer for adjusting the macroeconomy and international balance of payments," said Li.

Li stated that market expectations also remained stable, while China's foreign exchange supply and demand were broadly balanced.

"From indicators such as forwards, options, and other foreign exchange market instruments, the current market does not exhibit a clear one-way expectation of appreciation or depreciation for the renminbi. Market trading is rational and orderly. When the renminbi weakens, corporate entities tend to increase their foreign exchange sales at higher levels; when the renminbi strengthens, companies tend to increase their foreign exchange purchases at lower levels. Overall, there is no irrational trading behavior such as chasing rallies or selling off during dips," he explained.

In addition, since the start of the year, China's international balance of payments has demonstrated a pattern of self-sustaining equilibrium.

"From January to May, equity-type foreign direct investment into the Chinese market saw a net inflow of 31.1 billion U.S. dollars, marking a 16 percent increase year on year. In addition, securities investments coming into China had a net inflow of around 33 billion U.S. dollars, reversing the trend of net outflows seen in the second half of last year. Outbound investments have been progressing in an orderly manner as well. During the same period, outbound equity-type direct investments amounted to 51.9 billion U.S. dollars, remaining stable compared with the previous year, while outbound securities investments continued to remain active," said Li.

Chinese yuan relatively stable against US dollar: official

South Korean President Lee Jae Myung said on Wednesday that Seoul firmly adheres to the one-China principle, in comments made ahead of his upcoming state visit to China.

The remarks were made in an interview with China Media Group (CMG). The visit is scheduled for Jan 4–7.

"The consensus reached between governments of the Republic of Korea and China when diplomatic relations were established continues to be the fundamental principle governing our relations, and its effectiveness remains steadfast. I want to clearly state that the ROK has always adhered to the one-China principle. Maintaining peace and stability in regional matters, including in Northeast Asia and concerning the Taiwan issue, holds significant importance to us," said Lee.

"The foundational relationship between the ROK and China was established on a very principled and fundamental basis from the beginning. It is clear that the ROK government has always adhered to this position and has never wavered from it. I believe that the sound development of ROK-China relations depends on both sides fully respecting each other's core interests and being mutually tolerant of each other's positions. In this context, we will, as always, uphold the one-China principle as the Taiwan issue is China's most fundamental concern," he said.

ROK president reiterates firm adherence to one-China principle