SAFE: Renminbi depreciation pressure ebbing, stability in sight

Pressure exerted by the yuan's recent depreciation has almost subsided and the Chinese currency's value will stay stable even though the possibility of a United States Federal Reserve rate hike remains, according to China's foreign exchange regulator.

"There is no foundation for further depreciation of the currency, as the balance of payments remained in great surplus and the around 7 percent economic growth rate is remarkable in the world," said Wang Yungui, an official at the State Administration of Foreign Exchange.

Wang's remarks came at a news conference hours before the US Fed's meeting on Thursday. Any rate hike at the meeting would be the first one in more than nine years.