Exchange rate of the yuan massively under pressure

The Chinese currency has fallen to its lowest level against the US dollar in a decade. Economists fear further capital flight if this trend continues.
The collapse of the Chinese currency Yuan on Friday called the central bank on the scene. Her vice boss, Pan Gongsheng, made a powerful appeal to investors. "The fundamentals of the Chinese economy are sound, leverage is stable, and overall financial risks are controllable," he said. In addition, China has high currency reserves.
All of these factors would "support a stable yuan exchange rate." At the same time he warned so-called short sellers who speculate on a further decline of the Chinese currency. "We know each other and we fought each other a few years ago."

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