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'Trust the market,' Chinese central banker says after rigging it

Section: Daily Dispatches

China's Central Bank Vows to Control Market "Herding" as Yuan Falls for Third Day

By Szu Ping Chan and Tara Cunningham
The Telegaph, London
Thursday, August 13, 2015

China's central bank has dismissed claims that it is trying to engineer a 10-percent fall in the yuan as "groundless," just days after it devalued its currency for the first time in over 20 years.

As the renminbi weakened for another day, the People's Bank of China said strong economic fundamentals and the country's deep foreign exchange reserves provided "strong support" to the exchange rate.

Yi Gang, deputy governor of the central bank, said it stood ready to step in if volatility became "excessive" and the market started "behaving like a herd of sheep."

"Trust the market, respect the market, fear the market, and follow the market," he told a press conference.

China pushed down its official guidance rate by 2 percent on Tuesday, which rocked markets and triggered fears of a "currency war." ...

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