© Reuters. FILE PHOTO: Man sits in front of the headquarters of the People’s Bank of China, the central bank, in Beijing
BEIJING (Reuters) – China’s yuan is at an appropriate level currently and its fluctuations will not necessarily cause disorderly capital flows, a senior official at the People’s Bank of China told Reuters on Tuesday. China is able to “navigate all scenarios” arising from Washington’s recent move to label Beijing a currency manipulator, Zhu Jun, head of the central bank’s international department, said in a text interview with Reuters. She said China was “shocked” by the U.S. Treasury Department’s move last week to label China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade.
China is confident that the yuan will be a “strong currency” over the medium and long term, Zhu said.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.