China’s central bank has warned investors to expect more “two-way volatility” in renminbi trading when foreign exchange markets reopen on Monday, less than a week after a 2 per cent downward “adjustment” sparked a week of roller-coaster trading for the currency.
In a statement issued on Sunday, Ma Jun, chief economist at the People’s Bank of China, said the Chinese government had “no intention or need to participate in a ‘currency war’”.
On August 11 the PBoC shocked global markets by lowering the renminbi’s daily dollar “reference rate” 1.9 per cent in what it termed a “one-off depreciation”.
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