The People's Bank of China, or PBOC, the country's central bank, said on Friday that it will "firmly fend off the risk of drastic ups and downs in exchange rates", hours after the offshore renminbi weakened to 7.28 against the US dollar.

The PBOC will take comprehensive measures to stabilize market expectations, maintaining the general stability of the renminbi exchange rate at a reasonable and balanced level, the central bank said in a statement on Friday, after its monetary policy committee held a quarterly meeting on Wednesday.

The central bank also vowed to step up macroeconomic policy adjustments and better support consumption, as domestic demand recovery remains insufficient while the external environment becomes more complex and severe.

The implementation of the loan program to guarantee the delivery of housing projects and the facility to support inclusive lending to small and micro businesses will be extended, according to the PBOC.