People's Bank of China reinforces commitment to stabilizing renminbi rates

The People's Bank of China, the country's central bank, has reinforced its commitment to firmly forestall any foreign exchange rate overshooting and keep renminbi exchange rates generally stable at a reasonable and balanced level.

"We will correct deviations; stabilize expectations; firmly correct one-sided, pro-cyclical behavior and decisively deal with behaviors that disrupt market order," Zou Lan, head of the central bank's monetary policy department, said at a news conference on Wednesday.