China Restates Need for Steady Yuan Amid Fragile Confidence
- Central bank pledges to prevent one-sided moves in the yuan
- Japan, South Korea have voiced concern about their currencies
On Thursday, the PBOC set its daily reference rate for the yuan little changed at 7.1020 per dollar.
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China reiterated the need to prevent one-sided moves in the yuan, as a resurgent dollar and poor risk sentiment pressure currencies across Asia.
The nation will “resolutely” put the yuan back on track when traders place lopsided bets and it’ll also try to avoid excessive volatility, the People’s Bank of China said in a report on its social media account Thursday. The Chinese currency slid to the weakest since November earlier this week on bets the US won’t rush into cutting interest rates and the world’s second largest economy will struggle to recover.