Markets regain confidence after PBoC officials intervene
Yi Gang and Zhang Xiaohui step in to reassure markets
Faced with continued scepticism as to its motives, the People's Bank of China (PBoC) managed to restore some confidence to markets today (August 13), as top central bank officials spoke out.
At a press conference deputy governor Yi Gang and assistant governor Zhang Xiaohui reiterated that the decision to link the renminbi more closely to markets on August 11 was part of ongoing liberalisation, and not an attempt at competitive devaluation.
Zhang said the move was part of bid to push policy in a
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