After the yuan depreciated to its lowest level since the 2008 global financial crisis, the People's Bank of China said on Wednesday that stabilizing the foreign exchange market was the government's top priority.

(Reuters)

[Financial Channel/Comprehensive Report] As the RMB continues to depreciate, the Chinese government is so eager to speak out, warning investors not to "gamble" and "gamble again and you will lose."

The People's Bank of China said on Wednesday that stabilizing the foreign exchange market was the government's top priority after the yuan depreciated to its lowest level since the 2008 global financial crisis.

Devaluation to a new low in 2008, foreign exchange stability is the top priority

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The People's Bank of China (PBOC) said investors must realize that exchange rates can never be accurately predicted and two-way volatility is the norm.

Never bet on currency appreciation or devaluation unilaterally, and you will lose if you bet again.

The remarks by the People's Bank of China (PBOC) came as the tightly managed yuan continued to weaken against the dollar, down 0.9% on the day and more than 12% so far this year.

In offshore transactions, the renminbi hit a record low.

The People's Bank of China said foreign-exchange markets were largely operating in an orderly manner, but warned against making large one-way bets on the currency, reiterating that the yuan had a solid foundation for fundamental stability.

And stressed that maintaining stability is a top priority.

Market participants took such official remarks as a sign that authorities were increasingly uneasy about rapid currency moves.

The PBOC also urged members coordinating the foreign exchange market self-regulatory framework to prevent sharp currency fluctuations, requiring relevant authorities to strengthen expectations management and prevent speculative transactions.

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