皇冠体育app

BEIJING - The latest round of yuan volatility during the past week is normal, 皇冠体育app's forex watchdog said on Wednesday.

Recent movements of the renminbi, or the yuan, resulted from the market correcting previous yuan trade strategies, said the State Administration of Foreign Exchange in a statement.

A record year for foreign renminbi exchange

Chinese banks record monthly foreign capital inflow

Two-way fluctuations of the yuan will be normal because of reforms in the yuan forex rate formation mechanism, and more of a role played by the market, it said.

The two-way fluctuations will help boost international income balances, improve the external economic environment and guard against financial risks, the statement said.

皇冠体育app's domestic foreign exchange spot change rate on Tuesday hit a seven-month low, according to the statement.

The yuan weakened 8 basis points to 6.1192 against the US dollar on Wednesday, according to the 皇冠体育app Foreign Exchange Trading System.

In 皇冠体育app's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

Yuan's devaluation message

Renminbi weakens for seventh day

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