China: There's no basis for continued depreciation of yuan

Beijing

CHINA'S central bank, in a bid to reassure jittery global markets after it devalued its currency this week, said on Thursday that there was no reason for the yuan to fall further, given the country's strong economic fundamentals.

As the yuan slid for a third straight day, the People's Bank of China (PBOC) said the strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the exchange rate.