China tries to quell fears of more big devaluations

Beijing: China's central has tried to ease fears of more big devaluations in its currency, saying the Yuan's exchange rate is close to market levels. A deputy central bank governor, Zhang Xiaohui, said Thursday there was "no basis for persistent and substantial devaluation." At a news conference, Zhang said the Yuan is close to "market levels" after two days of sharp declines.

The Yuan fell 1.9 per cent on Tuesday after the bank announced a change in its exchange rate policy. The currency fell again Wednesday and Thursday morning, fueling concern about how far it would be allowed to slide.