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China Working Hard to Stabilize Yuan Against Basket, PBOC Says

  • Deputy governor says China to improve offshore market policies
  • Comments come amid bets central bank supporting currency
Bloomberg business news

Yuan Flunks Fed Haven Test

China expanded efforts to steady the currency markets, with the central bank adding verbal support to the exchange rate after a week that saw it slip past a key level against the dollar.

The People’s Bank of China will work hard to keep the yuan stable against a basket of currencies, Deputy Governor Chen Yulu said at a conference in Beijing on Sunday, adding that the authority will improve the policy framework for the yuan’s offshore market and cross-border services.