Media's yuan-devaluation reports over-dramatic: Wing Tai

Singapore

THE media have been "over-dramatic" in their doom-and-gloom reporting of the Chinese central bank's devaluation of the yuan, Wing Tai chairman Cheng Wai Keung said at the group's results briefing on Thursday.

The People's Bank of China on Tuesday surprised markets by cutting its reference rate for the yuan by 1.9 per cent. It also announced a new fixing mechanism that promised to account for market supply and demand.

"What China is doing is, it is becoming more market-driven. It's very clear now that they have been supporting the renminbi in the past, otherwise when they …