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“In the long run the renminbi is still a strong currency”, PBOC assistant governor Zhang Xiaohui said, adding that China was running a trade surplus and had a sound fiscal position and rich foreign exchange reserves.

The central bank put the yuan’s central parity rate at 6.4010 yuan for $1.0, the China Foreign Exchange Trade System said, a drop of 1.11 percent from the previous day’s 6.3306.

China’s currency has continued to slip this week, keeping global investors on edge.

It also compounded jitters over China’s financial health after a debt-fuelled stock market bubble burst in June, following a 150 percent surge in the previous 12 months.

China cut the reference rate for its currency for the third straight day, on Thursday after the surprise devaluation of the yuan this week unsettled global financial markets. The PBoC also “dismissed claims it intended to weaken the yuan by 10% to support exports as...

Claiming the Centre is aware of the impact of Chinese yuan devaluation on Indian exports, the Minister said it would take steps to prevent dumping of Chinese good into India.

The People’s Bank of China said the change was aimed at making the tightly controlled yuan more market-oriented. The new exchange rate policy also tallies with the long-standing pledge by China’s leaders to let supply and demand play a “decisive role” in...

“The central bank will frequently intervene in the foreign-exchange market in the next three months because it needs to ensure the yuan is stable”.

This week’s surprise devaluation of the yuan, also known as the renminbi or people’s currency, came after the central bank said it wanted the exchange rate to reflect market forces. The spot market opened at 6.3990 per dollar and was changing hands at 6.3996 in the...

European stocks were still poised for their worst week in four, though, after China’s surprise currency devaluation on Tuesday.

The daily reference rate was set at 6.3975 yuan to $1.0, from 6.4010 the previous day, the China Foreign Exchange Trade System said.

The yuan fell about 3 per cent this week, beginning its slide on Tuesday after a surprise change in exchange rate policy, which roiled global financial markets and caused Asian stocks and currencies to tumble. Further weakness could make dollar-denominated debt more expensive for...

The central People’s Bank of China (PBOC) announced to improve its central parity system to better reflect market development in the exchange rate between the Chinese yuan RMB against the U.S. dollar on Tuesday. For the week the yuan declined by almost 3% – its...

Brent crude LCOc1 slipped 1.1 percent to US$49.13.

China on Friday raised the reference rate for its yuan currency against the U.S. dollar by 0.05 percent, after allowing the yuan to nosedive which triggered concerns of a currency war.