GulfNews.com
Reuters
Published: 13:19 July 30, 2012
Centralbank concerned too much devaluation could destabilize domestic markets
Shanghai: Market forces are mostly to blame for the yuan’s unprecedented fall against the dollar in recent months, market participants say, with Chinese regulators now busy propping up the currency, marking a major reversal in approach as the country’s economic growth slows.
The yuan has fallen 1.4 per cent against the US dollar this year and touched 10-month lows, its first period of extended weakness since China’s landmark de-pegging of the currency in July 2005.
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