PBOC Emphasizes Yuan Strength, Stability Following Currency Slide

(Beijing) — The Chinese yuan is showing strength and stability against the U.S. dollar compared with other currencies, a central bank official said in comments published shortly after the yuan hit an eight-and-a-half-year low against the dollar last week.

The yuan still "presents the characteristics of a stable and strong currency in the global monetary system," Yi Gang, deputy governor of the People's Bank of China, said in an interview with the official Xinhua News Agency that was posted on the central bank's website on Sunday.