China's upbeat economic prospects underpin yuan's long-term strength

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China's upbeat economic prospects underpin yuan's long-term strength

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 o

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