Yuan Unlikely To See Long-term Depreciation - Daily

There is no reason for the yuan to depreciate over the long-term as it will be supported by the stable growth of the Chinese economy, the Securities Daily reported citing analysts after the offshore yuan breached the 7.27 mark against the U.S. dollar this week. As global risk aversion has pushed the U.S. dollar higher, the offshore yuan has fallen through support levels and the central parity rate of the yuan has also been lowered in a controlled manner in recent days, the newspaper said citing analysts. The People's Bank of China has a basket of policy tools to stabilise the yuan, the newspaper added.