China eases concern over yuan

China eases concern over yuan

China eases concern over yuan A press release by the People’s Bank of China said Thursday that there was no long-term need to devalue the nation’s currency. The yuan has been allowed to fall over the last three sessions causing a sell-off in Asia and punishing commodity prices. The yuan dropped just 0.4 per cent in Thursday’s session following steeper devaluation earlier in the week.