The People’s Bank of China said in a statement on Friday that it intends to take steps to correct market behavior if necessary, as well as to strengthen the direction of market expectations.
The yuan fell earlier in the day to its lowest level since December and made its biggest weekly loss in 3 months, before rising 0.4% to around 7.0079 yuan to the dollar.
The yuan’s declines came after a series of disappointing Chinese data weighed on hopes of an economic recovery, and a rally in the dollar on optimism over talks to raise the debt ceiling in the United States and hawkish comments from the US Federal Reserve also hurt the yuan.
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