STORY: China's upbeat economic prospects underpin yuan's long-term strength
DATELINE: Sept. 16, 2023
LENGTH: 00:01:57
LOCATION: Beijing
CATEGORY: ECONOMY

SHOTLIST:
1. various of the views in China
2. SOUNDBITE 1 (English): BISHNU PUKAR SHRESTHA, Nepal's Ambassador to China
3. SOUNDBITE 2 (English): HARLEY SEYEDIN, President of American Chamber of Commerce in South China

STORYLINE:

Despite short-term fluctuations, the Chinese yuan has been able to maintain its basic stability in the longer term.

On Friday, the central parity rate of the yuan strengthened for a fifth consecutive trading day against the U.S. dollar, 88 pips firmer from the previous trading day to 7.1786, according to the China Foreign Exchange Trade System (CFETS). 

This marks the yuan's strongest level in nearly two weeks.
  
The yuan's central parity rate has strengthened by 364 pips against the greenback this week.

Yuan's return to strength this week came after the country's central bank, the PBOC, pledged to resolutely fend off risks of yuan exchange rate overshooting. 

The Chinese economy has continued the upward trend so far this year, despite challenges stemming from the complex global environment and insufficient domestic demand.

A series of economic data released Friday, including the value-added industrial output and retail sales, further substantiates that the recovery of the world's second-largest economy is gathering momentum.

SOUNDBITE 1 (English): BISHNU PUKAR SHRESTHA, Nepal's Ambassador to China
"China is on the way to the high opening up. The economy is growing in different fields, in the field of investment, in the field of productions, in the field of exports. China is doing well, and I think it is in a positive direction."

SOUNDBITE 2 (English): HARLEY SEYEDIN, President of American Chamber of Commerce in South China
"I have been involved with Chinese economy for over 30 years. The reality is that China's economy is resilient, because there is no question, the Chinese market will continue to grow and has great potential. China represents a market that will continue to be a place that we want to be part of. We want to provide technology and services to the Chinese people and at the same time benefit from it in a great way as we have in the past. The market will continue to grow."

Xinhua News Agency correspondents reporting from Beijing.
(XHTV)