Market News
China Tells Banks to Respect Yuan Fixing as Currency Slumps - BLOOMBERG
(Bloomberg) -- A regulatory body guided by the People’s Bank of China urged banks to protect the authority of the yuan fixing and warned against one-way bets as the currency tumbled to its weakest level since 2008.
A meeting by the China Foreign Exchange Market Self-Regulated Body -- made up of the most powerful banks in trading that are responsible for the dollar-yuan reference rate quotes -- urged members to safeguard the stability of the market and prevent volatile movements in the exchange rate, according to a statement released by the PBOC Wednesday.
The meeting was held Tuesday and attended by PBOC Vice Governor Liu Guoqiang, according to the statement.
The onshore yuan weakened to a 14-year low on Wednesday, while the offshore unit slid to the lowest level in data going back to 2010.
