The Financial Times noted yesterday that on Sept. 11 “Beijing gave a strong warning against bets on renminbi depreciation and released a batch of positive lending data earlier than usual, spurring China’s currency to bounce back from a 16-year low touched last week.”
FT reported on a statement issued by the People’s Bank of China, the nation’s central bank, which warned that authorities “are capable of and feel confident in … keeping the renminbi exchange rate at a reasonably stable level.… We will act when we act, resolutely correcting one-sided speculation” against the renminbi.
