China will safeguard yuan and financial stability, central bank governor says

BEIJING (Reuters) – China will safeguard the yuan and financial stability, central bank governor Yi Gang told a financial forum on Tuesday.

Yi’s remarks in the wake of the global banking crisis were quoted in a statement posted on the People’s Bank of China website.

China had taken a series of measures to curb financial risks and to guard against systemic financial risks, Yi said.

“If financial risks emerge, they will harm the interests of the general public and may even cause social problems,” Yi said.

Yi said that the country’s foreign exchange conversion quota of $50,000 per person per year was able to meet most people’s demands for school expenses, travel and trade.

(Reporting by Liangping Gao and Ryan Woo; Editing by Andrew Heavens and Jacqueline Wong)