China to stem yuan rise amid ‘uncertainties, instability and imbalance’

China has pledged to keep the yuan exchange rate “basically stable” amid a recent appreciation, as it assembles a set of policies to counter the risks of slowing exports and rising economic headwinds next year.Beijing also called on banks to sign more long-term foreign exchange settlement agreements with trade firms in a targeted manner, to empower the latter in offsetting exchange rate risks, according to the notes from a Thursday meeting of the State Council, the country’s cabinet, chaired by…

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