A senior Chinese financial regulator has waded in to calm forex markets, after a week in which the renminbi hit its lowest level in nearly eleven months.
The Chinese yuan has come under pressure from a looming trade war that could make it less attractive to manufacture in China. Some believe that the devaluation is a deliberate government strategy to keep Chinese-made products competitive.
But it is unlikely to devalue significantly, Guo Shuqing, Communist Party secretary of the People’s Bank of China, told the Financial News, a news outlet controlled by the central bank.
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