The impact of additional U.S. tariffs on the Chinese economy will be very limited, the head of the banking and insurance regulator, Guo Shuqing, wrote in an article in the People's Daily newspaper on Friday.

Guo, also the top Communist Party official at the People's Bank of China, said fluctuations in the yuan exchange rate were normal in the short term but over a longer horizon the currency would not continue to lose value given China's economic fundamentals.