China has no intention of devaluating the yuan to gain an advantage in global trade and there is no basis for long-term depreciation¹, the central bank said Thursday.

 

中国人民银行周四表示，中国不会使人民币贬值以在全球贸易中取得优势，人民币长期贬值没有根据。

 

The yuan has generally remained stable despite global volatility² after Britain's vote to leave the European Union, the People's Bank of China (PBOC) said in an online statement.

 

The bank's remarks came after media reports about substantial drops of the yuan's exchange rate by the end of the year.

 

"The reports misled expectations and disrupted the market, encouraging speculative³ selling. We strongly condemn⁴ the behavior, which is irresponsible and against professional ethics," the PBOC said.

 

The currency will likely remain stable at a reasonable level thanks to China's sound economic fundamentals, according to the statement.

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