Chen Yulu, deputy governor of People’s Bank of China (PBOC), crossed the wires in the last minutes, calling the United States’ labelling of China as a currency manipulator “wrong,” and adding that China had never used foreign exchange rates as a tool for competition.
Earlier today, China took measures to limit the yuan weakness after it fell to its lowest level in more than seven months against the US dollar, easing concerns over a currency war and allowing markets to sigh a breath of relief.
As investors are now turning their attention to Wall Street’s opening bell, the S&P 500 Futures is up nearly 1% on a daily basis.
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