China tells short-sellers it will defend its currency

The yuan on Friday slid close to its lowest point since the global financial crisis in 2008. But it recouped its losses after combative comments from a Chinese central bank official.

“For those who are trying to short the renminbi, we fought hand to hand a few years ago so we are very familiar with each other,” Pan Gongsheng, deputy governor of the People’s Bank of China, said at a news conference in Beijing. “I think it’s still fresh in our memory.”