China’s central bank governor said a steady yuan has contributed to the stability of global financial markets and economies around the world, drawing a contrast with a dollar that’s surged as part of fallout from Donald Trump’s tariffs.

China's central bank governor said on Sunday a stable yuan currency has been key to global financial and economic stability and Beijing will continue to let the market play a decisive role in deciding the exchange rate.

China could allow its currency to weaken to offset the impact of US tariffs on the country’s exports, but has so far declined to do so.

Chinas central bank governor, Pan Gongsheng, emphasized the importance of a stable yuan for global financial stability, reaffirming Beijings commitment to allowing market forces to determine the exchange rate.

China’s central bank genuinely believes that the yuan is holding the world’s financial system together. On Sunday, People’s Bank of China (PBOC) Governor Pan Gongsheng told global leaders at the AlUla Conference for Emerging Market Economies in Saudi Arabia that while other currencies are crumbling against the rising U.