Chinese Media Downplays Yuan Drop After U.S. Manipulator Charge
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Chinese state media stuck to the government’s line on the yuan’s weakening, saying the move was normal while stressing the economic benefit of some flexibility in the currency.
The yuan falling beyond 7 a dollar is a “market-driven result” that shows the exchange rate is more flexible than before, according to a Monday report by Xinhua News Agency. Some fluctuation in market sentiment is normal amid rising external risks, it said.