China central bank says stabilising FX market is top priority
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CHINA’S central bank said on Wednesday (Sep 28) that stabilising the foreign exchange market is the top priority, and reiterated that the yuan has a solid basis to keep basically stable.
The remarks from the People’s Bank of China (PBOC) came after the Chinese yuan weakened to its lowest level since the global financial crisis of 2008.
The PBOC said the FX market was largely operating in an orderly manner, but warned against making heavy 1-way bets on the currency.
It also urged members of the China FX Market Self-Regulatory Framework, which serves as a market self-regulatory and coordinating mechanism, to prevent sharp fluctuations in the currency.
The central bank added that relevant departments should strengthen expectation management to prevent speculative trading. REUTERS
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