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“The central bank has the ability to keep the renminbi basically stable at a reasonable and balanced level”, she said.

What does it mean for those companies dependent on China?

With foreign exchange reserves of around $3.65 trillion, China has plenty of scope to sell dollars and shore up its own currency.

Most shares in the region climbed as China kept its currency steady for a second day.

Unhappy and irritated by a question put to him by a female Fox News TV journalist during a debate between several Republican aspirants for the White House, he notoriously said she had blood coming out of her eyes and “wherever”.

Yesterday, China’s central bank set the guidance rate at 6.4010 per US dollar, weaker than the previous fix of 6.3306.

So the notion that China is evolving into a more market-oriented country is to impose a particularly American perspective on Chinese actions. Impose trade barriers if Beijing will not comply. By 1994 it was 8.62 RMB to the dollar (the lowest ever on the record).

The value of the yuan has gradually returned to market levels as the discrepancy between the central parity rate and the actual trading rate has been largely corrected after declines in the past few days, Zhang Xiaohui, assistant governor of the People’s Bank of China...

In a note published on Tuesday, after the first devaluation of 2 percent was announced, the PBoC said that monetary policy would now allow the currency to float and trade more freely, in a move towards a more market-orientated approach. France and Italy were the main...

Duke University business professor Campbell Harvey says China wants the yuan to eventually become a “reserve” currency like the dollar and the euro. “Looking at the worldwide and domestic economic situation, now there is no basis for a sustained depreciation...

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.

“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”.

Echoing similar sentiments to those expressed in a statement released Wednesday evening, the bank noted that a strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves will provide “strong support” to the exchange...