PBOC reaffirms stability of renminbi

The People's Bank of China denied speculation on Wednesday that China's financial authorities have decided to appreciate the nation's currency in the near future.

"Media reports that 'China will appreciate the renminbi by 5 per cent' and 'the central bank may start to take steps to that end if it decides to adjust the renminbi's exchange rate,' are absolutely groundless," a People's Bank of China (PBOC) news release read.

"It is exactly under this exchange rate system that the renminbi maintain