China’s central bank vows to crack down on yuan speculation

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BEIJING, China­—China’s central bank said on Monday it would crack down on speculation that distorts the value of the yuan

The onshore yuan, whose trade is regulated by Beijing, last week briefly hit its lowest level against the US dollar in almost 16 years.

The PBoC said in a statement Monday that it had convened a “special meeting” to discuss “the recent situation in the foreign exchange market and issues around the exchange rate of the renminbi”, the official name for the yuan.

 

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