CFETS mechanism

BEIJING: China will continue to proceed with reforms to bring about a market-based yuan currency mechanism this year, the China Foreign Exchange Trade System (CFETS) said on Thursday. The yuan was stable against a basket of other currencies in 2015, CFETS said in a statement published on its website. It added that China has ample foreign exchange reserves while there is no basis for the yuan’s continuous depreciation. Economic fundamentals will support the yuan in the long term.