No reason for yuan to fall further: China central bank Guv

China’s central bank chief has blamed foreign speculators in part for yuan volatility and said there is no basis for further depreciation, according to an interview in Caixin magazine. The Chinese economy grew 6.9 per cent in 2015 — slowest rate since 1990 — and capital has been flowing out of the country due to worries over flagging growth, causing the currency to weaken. 

“International speculative forces have recently focused on shorting China,” People’s Bank of China Governor Zhou Xiaochuan said. “They are eager to manufacture public opinion to try to force an outcome as soon as possible,” he said, but did not identify them.

Chinese state media has taken aim at investor George Soros for saying at the recent WEF in Davos that a hard landing for the world’s second largest economy is “practically unavoidable”.