China Warns Speculators Not to Bet Against the Yuan

(Bloomberg) — China’s central bank stepped up its defense of the falling yuan with a strongly worded statement warning against speculation after the currency dropped to its lowest value against the dollar since 2008.

“Do not bet on one-way appreciation or depreciation of the yuan, as losses will definitely be incurred in the long term,” the People’s Bank of China (PBOC) said Wednesday in a statement. Market participants need to “voluntarily safeguard the stability of the market and be firm when they need to iron out big rallies or declines in the exchange rate.”