China blames speculators for weakened yuan

China’s central bank pointed its fingers at speculators for the recent dramatic weakening of the Chinese currency and vowed to keep the yuan largely stable.

“Some speculative forces are trying to reap gains from playing the renminbi,” the People’s Bank of China said in a statement Thursday morning, using another name for the yuan. Those trading activities “have nothing to do with (China’s) real economy” and have only caused “abnormal fluctuations” in the currency, the central bank said.

“Faced with such speculative forces,” it continued, the central bank “has the ability to keep the yuan stable at a reasonable equilibrium.”

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