China Central Bank Vows to Stabilize Yuan as Slide Deepens
- The yuan is approaching a 15-year low against the greenback
- PBOC also says it will increase support for the economy
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China’s central bank vowed to step up efforts to stabilize the nation’s currency after it dropped toward the lowest level in 15 years amid concern about the strength of the Chinese economic rebound.
The People’s Bank of China said late Friday Beijing time that it will adopt “comprehensive measures and stabilize expectations” about the currency. The PBOC will also “resolutely prevent risks of big fluctuations,” it said in its quarterly monetary policy report.