The People’s Bank of China (PBOC) governor, Ban Jong Xing, said that China’s economy will grow 5% this year, citing improved economic growth momentum recently as production, consumption, employment stability, and consumer prices recover.
Xing warned of the risks of the yuan’s exchange rate fluctuations, stating that they would be reduced and maintain stability in exchange markets.
These statements come as the Chinese yuan has lost more than 5% so far this year to become among the worst-performing Asian currencies.
On Tuesday, the IMF raised China’s 2023 growth forecast to 5.4% on the back of a rebound in consumption and recent government subsidies.
Previous forecasts were for 5% growth in the world’s second economy, while the IMF also raised its forecast for the 2024 year as China’s economy grew by 4.6% compared with the previous 4.2%.
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