news conference: But it recouped its losses after combative comments from a Chinese central bank official, according to CNN. For those who are trying to short the renminbi, we fought hand to hand a few years ago so we are very familiar with each other, Pan Gongsheng, deputy governor of the People's Bank of China, said at a news conference in Beijing. The yuan on Friday slid close to its lowest point since the global financial crisis in 2008. I think it's still fresh in our memory. The currency has now slumped more than 9% against the dollar since January, coming under pressure from the US Federal Reserve's moves to hike interest rates and fears about China's slowing economy. China's economy is growing at its slowest pace since the financial crisis He reiterated the bank's position that it wants to keep the yuan broadly stable.
(news.financializer.com). As
reported in the news.
Tagged under news conference, bank official topics.