The exchange rate of Chinese currency renminbi, or yuan, will remain basically stable at a reasonable and balanced level, China's central bank governor YiGang said Tuesday.

央行行长易纲周二表示，央行将保持人民币汇率在合理均衡水平上的基本稳定。

The People's Bank of China (PBOC) is closely watching the recent fluctuations in the foreign exchange market, Yi said.

易纲称，近期外汇市场出现了一些波动，中国人民银行正在密切关注。

The central parity rate of the renminbi weakened 340 basis points to 6.6497 against the US dollar Tuesday, hitting a new low since Aug 25, 2017.

周二，人民币对美元汇率中间价报6.6497元,下调340个基点，创下自2017年8月25日以来的新低。

Yi said a strengthening US dollar and external uncertainties have given rise to procyclical behavior, which refers to economic change that is positively correlated with the overall state of the economy.

易纲称，美元走强和外部不确定性导致了顺周期性行为。顺周期性行为指的是与整体经济状况呈正相关的经济变化。

China's economic fundamentals, he said, are sound and its financial risks are generally controllable. "The Chinese economy has entered a phase of high-quality development, with a stable international balance of payment and generally balanced cross-border capital flow."

他表示，当前中国经济基本面良好，金融风险总体可控。“中国经济进入高质量发展阶段，国际收支稳定，跨境资本流动大体平衡。”

China will use its experience and ample policy tools to maintain the yuan's exchange rate basically stable at a reasonable and balanced level.

我国将运用已有经验和充足的政策工具，保持人民币汇率在合理均衡水平上的基本稳定。

The PBOC chief said China will adhere to a managed floating exchange rate system, which is market-oriented and formulated in reference to a basket of currencies.

这位央行行长称，我国将坚持以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。