Caixin
Sep 29, 2022 03:13 AM
FINANCE

China Warns Speculators Not to Bet Against the Yuan

The yuan is under pressure as China’s monetary policy diverges from that of the U.S.
The yuan is under pressure as China’s monetary policy diverges from that of the U.S.

(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.”

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