China’s Central Bank Gives Verbal Support to Yuan


China’s central bank stepped up verbal support for the yuan and said it will take action when there’s excessive volatility. The currency stemmed its worst loss in two decades.

There’s no basis for the depreciation to persist, People’s Bank of China Assistant Governor Zhang Xiaohui said at a rare briefing on the currency in Beijing. The adjustment spurred by Tuesday’s change to how the PBOC determines the yuan’s daily reference rate is basically already completed, she said.

The PBOC will act “when the market’s volatility is excessive, when the market begins behaving like a herd of sheep,” Deputy Governor Yi Gang said. “Trust the market, respect the market, fear the market, and follow the market.”…

China’s Central Bank Gives Verbal Support to Yuan

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