| China's central bank governor says its currency has stabilized, in an apparent effort to dispel fears of more big declines following a surprise devaluation that rattled global markets. The yuan's exchange rate against the dollar "tends to be stable," Zhou Xiaochuan said at a meeting of finance officials of the Group of 20 major economies in Turkey on Friday, according to a central bank statement.
Beijing said the Aug. 11 devaluation was part of efforts aimed at making the yuan's state-set exchange rate more market-oriented. But coming without warning amid a collapse in Chinese share prices, it caused anxiety in financial markets...............................................Full Article: Source
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