China central bank tries to soothe global markets, says no basis for yuan to fall further

August 13, 2015 4:22 AM

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China central bank tries to soothe global markets, says no basis for yuan to fall further

BEIJING/SHANGHAI China's central bank said on Thursday that there was no basis for further depreciation in the yuan given strong economic fundamentals, in a bid to reassure jittery global markets after it devalued the currency earlier in the week.

As the yuan fell for the third straight day, the People's Bank of China (PBOC) said the country's strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the exchange rate CNY=CFXS.

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