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The chief economist of the International Monetary Fund, Robert Obersfard, said Tuesday he was not worried about the Chinese government's ability to maintain its currency despite the recent depreciation of the yuan.
"No, I don't think it's a problem," Obstfeld said. He was asked about this question at the press conference of IMF and the world bank in Bali Island annual conference.
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But he also said at a news conference that China will face a cautious trade-off between supporting economic growth and ensuring financial stability.
Obersfard said financial markets overemphasized the short-term trend of the renminbi and said the renminbi has always recovered quickly from turbulent times in recent years.
Obersfard said the IMF has been advising Chinese authorities to shift their focus on economic growth from quantity to quality and sustainability in order to improve the ability of the economy to withstand shocks.
Officials have been trying to control China's credit expansion and, in the face of trade tensions with the United States, will take steps to boost economic growth, understandably affecting short-term economic growth and the exchange rate of the renminbi.


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