Chinese leaders pledge stable currency, less financial risk

AP News
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Posted: Dec 16, 2016 4:12 AM
Chinese leaders pledge stable currency, less financial risk

BEIJING (AP) — China's leaders have pledged to keep its currency stable and reduce financial risks as they wrapped up an annual planning meeting.

A brief dispatch by the official Xinhua News Agency on Friday said leaders agreed 2017 is an "important year" for economic reform but it gave no details of planned changes.

Beijing faces pressure from U.S. President-elect Donald Trump and European governments for more access to its markets.

Xinhua said Chinese leaders promised to ensure the "basic stability" of the yuan, which has weakened against the dollar, prompting concern it might be allowed to fall further.

They also pledged to make a priority of preventing financial risks. Rising debt levels have fueled concern about possible threats to China's financial system.