PBoC warns investors against renminbi speculation

Renminbi-Getty

China’s central bank warned investors against betting on the yuan, after the currency hit its lowest level against the US dollar since 2008 this week.

“Do not bet on a one-sided appreciation or depreciation of the renminbi exchange rate,” the People’s Bank of China said in a statement late yesterday (September 28). “One who bets always ends up losing in the long run.”

A few firms have been speculating on the yuan, the PBoC said, and a small number of financial institutions have also violated

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