China says to curb ‘disruption’ in currency market

[superadmin]

BEIJING: China’s central bank said on Monday it would crack down on speculation that distorts the value of the yuan as the country’s currency sees persistent volatility.

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 unit has come under pressure as the People’s Bank of China lowers interest rates in a bid to kickstart the world’s number two economy, at the same time as the Federal Reserve has tightened policy to temper inflation.

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