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China's central bank sees no basis for further yuan depreciation
By Kevin Yao and Pete Sweeney
Thursday, August 13, 2015
SHANGHAI -- China's central bank said on Thursday that there is no basis for further depreciation in the yuan currency given strong economic fundamentals, in a bid to reassure jittery global financial markets after it devalued the currency earlier in the week.
The People's Bank of China said the country's strong economic environment, sustained trade surplus, sound fiscal position, and deep foreign exchange reserves provide "strong support" to the exchange rate.
The PBOC also said that it will monitor "abnormal" cross border flows. ...
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