Aug 13, 2015 12:47 AM

China tries to quell fears of more big devaluations

The Associated Press

BEIJING (AP) China's central has tried to ease fears of more big devaluations in its currency, saying the yuan's exchange rate is close to market levels.

A deputy central bank governor, Zhang Xiaohui, said Thursday there was "no basis for persistent and substantial devaluation."

At a news conference, Zhang said the yuan is close to "market levels" after two days of sharp declines.

The yuan fell 1.9 percent on Tuesday after the bank announced a change in its exchange rate policy. The currency fell again Wednesday and Thursday morning, fueling concern about how far it would be allowed to slide.


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