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China Can Stabilize Yuan’s Market Value, Central Bank’s Ma Says

The People’s Bank of China is “fully capable” of directly intervening in the foreign exchange market when necessary, Chief Economist Ma Jun said after the central bank stepped in to halt the yuan’s biggest plunge since 1994.

The yuan’s fluctuations over the past two days are “within a controllable range,” and China “has no need or intention to start competitive devaluation,” Ma said in an e-mailed statement on Wednesday. Ma is the chief economist at the PBOC’s research bureau.