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China's top banking regulator says yuan bears will suffer 'heavy losses'

China's central bank will use foreign exchange intervention and monetary policy tools to stop the yuan weakening

Reuters  |  Beijing 

China’s banking and insurance regulator said on Saturday it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency. The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than a tenth of a yuan away from the 7-per-dollar level authorities have in the past indicated as a floor. “Short-term fluctuation of the yuan exchange rate is normal, but in the long-run, China’s ...

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First Published: Sat, May 25 2019. 23:15 IST