China tells short-sellers it will defend its currency

Hong Kong (CNN Business)China is warning speculators betting against its currency to prepare for a fight.

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.”

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