Chinese yuan likely to strengthen: economists

The Chinese currency renminbi, or the yuan, is likely to strengthen, attracting capital into the country, economists predicted.

The Chinese currency is likely to see a steady rise as the yuan interest rate is relatively high and its international use increases, economists attending a quarterly meeting organized by the Securities Association of China agreed.

A total of nine chief economists from securities companies and three executives from fund management firms attended the meeting, the association said in an online statement.

Despite downward pressure, the Chinese economy still displayed resilient growth, with some private companies as well as manufacturing firms showing strong momentum for development, the economists said.

Authorities should speed up reforms in the capital market, which can play a better role to finance scientific research and development, they suggested.

There is still room for development in terms of per capita income as well as urbanization, they said.