The People's Bank of China is doubling down on its talking point that there's no reason for the renminbi to continue falling.
At a rare press conference held this morning, China's central bank said it intends to keep the renminbi stable, following a depreciation of about 3 per cent this week.
PBoC vice governor Yi Gang said reports that the central bank wants to see the currency depreciate by 10 per cent were "groundless." He also said the trend could soon return to appreciation.
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