China yuan stability pledged

China's central bank says it plans to keep the Chinese yuan "stable" and there will be no immediate revaluation of the currency.

The comments come just a day after the bank announced plans to make the exchange rate more flexible.

But Chinese authorities have ruled out a large, one-off adjustment in the exchange rate.

China has come under increasing international pressure to change its currency policy.

The US in particular has complained that China is artificially keeping the value of the yuan low to help its exporters at the expense of foreign competitors.

On Saturday, US President Barack Obama welcomed China's promise of increased flexibility in exchange rates, but the Chinese central bank's latest comments cast doubt over the scale of its plans.

Finance crisis: In graphics

This is one of the most tumultuous times on record in the global financial markets.

The financial landscape is going through a period of upheaval with some major firms folding, other operations merging and a limited number of companies in both the Europe and the US, being rescued by governments.

BILLION-DOLLAR BAIL-OUTS

Governments have spent billions of dollars on rescue packages, led by the US with its $700bn rescue package.

soured from The BBC read full article

Finance crisis: In graphics

This is one of the most tumultuous times on record in the global financial markets.

The financial landscape is going through a period of upheaval with some major firms folding, other operations merging and a limited number of companies in both the Europe and the US, being rescued by governments.

BILLION-DOLLAR BAIL-OUTS

Governments have spent billions of dollars on rescue packages, led by the US with its $700bn rescue package.

soured from The BBC read full article