Chinese economy remains stable, says ambassador

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Abuja –  The Chinese Government on Thursday night assured that the devaluation of its currency, the RMB, would not affect the stability of its economy, following growing concerns by the international community.
Chinese Ambassador to Nigeria, Mr Gu Xiaojie, said this in Abuja at a dinner marking the 10th Anniversary of the establishment of the China-Nigeria Strategic Partnership.
Gu said the devaluation of the RMB was as a result of market self-regulation, adding that the fluctuation of the RMB was a reflection of economic realities.
He also assured that the exchange rate would remain stable and at a “reasonable and balanced level”.
“Currently, China’s economy remains stable and enjoys a rapid growth and with sufficient foreign exchange reserve and many regulating means; there is no foundation for RMB to depreciate on a sustained basis.”

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“The main driving force of China’s economy lies in domestic demand which is being unleashed effectively.
“Hence, there is no need for China to ensure economic performance through stimulating export by devaluing its currency,” he said.
Gu said the Chinese Government would take the concerns of `relevant parties’ into consideration when adjusting its monetary policy and reform measures.
He said that Nigeria and China were in the process of enhancing the development of their economies and reassured of China’s continued assistance to Nigeria.
“In the last 10 years, the cooperation between our two sides in the areas of infrastructure, energy, finance, aerospace and telecommunications have scored impressive achievements”, he said. (NAN)


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