China Boosts Yuan Support With Warning, Capital Control Tweaks

China has ramped up its support for the yuan with tweaks to its capital controls and a vow to crack down on market disruption, after the currency dropped close to a record low against the dollar in offshore trading.

The People’s Bank of China and other regulators pledged to strengthen their management of the foreign-exchange market, deal with any behavior that may disrupt the market and prevent the risk of a large move in the yuan. Beijing will make sure the currency is basically stable at reasonable levels, the central bank said in a statement.