Getting to know the New Normal

Updated: 2016-01-16 01:30

By HONG XIAO in New York(China Daily USA)

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Getting to know the New Normal

An audience attends a briefi ng on China's 13th Five-Year Plan and the New Normal of China's economy at the Chinese Consulate General in New York on Monday.  PROVIDED TO CHINA DAILY

The new normal of China's economic development was discussed in New York by Han Jun, deputy director of the office of the Central Leading Group on Financial and Economic Affairs, at a briefing on China's 13th Five Year Plan at the Chinese Consulate General in New York on Monday.

"People should have confidence in the renminbi,” Han said.

With China's economic situation and development trends, there is no basis for the continuing depreciation of RMB. China will further improve the marketization of the RMB exchange rate regime and maintain a relatively stable RMB exchange rate on a reasonable and balanced basis.

Last November, the RMB was approved by the International Monetary Fund to join its Special Drawing Rights (SDR) basket as a fifth reserve currency, joining the dollar, euro, pound sterling and yen.

Joining the SDR has become a strong support for the RMB exchange rate, which makes the possibility of an RMB exchange rate going out of control nonexistent, Han said.

China has promised to avoid competitive depreciation of currencies and a currency war. Further, China will not stimulate exports by depreciating the RMB and the two-way fluctuation (deprecation and appreciation) of the RMB exchange rate will be a new normal in the future, Han said.

China's economic growth of 2015 is expected to be 6.9 percent, which is still impressive, given the backdrop of a weakening global economy, he said.

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