Yuan Rebounds From Five-Year Low as China Moves to Calm Stocks
- PBOC said to intervene in currency market to limit volatility
- Nation will try to ease depreciation concern: Commerzbank
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The yuan rebounded from a five-year low as Chinese authorities moved to calm concerns sparked by the worst-ever start to a year for the nation’s equities.
State-controlled funds bought stocks and the securities regulator signaled that a ban on share sales by major investors will remain beyond this week’s expiration date, according to people familiar with the matter. China’s central bank stepped into the currency market to prevent excessive volatility, said a person with direct knowledge of the matter, adding that the intervention wasn’t meant to guide the yuan higher or lower.