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.