China Currency, Economy Stable

Investment bank JPMorgan Chase said the yuan is relatively stable against a basket of currencies despite continued drops against the US dollar, Xinhua reported. Stronger signals pointing toward US interest rate hike in December have put more downward pressure on the yuan, a trend that will persist in the fourth quarter, said Jing Ulrich, managing director and vice chair of Asia Pacific at JPMorgan Chase, at a press seminar late Monday. As of Monday, the central parity of the yuan against the dollar weakened to 6.898, the lowest in more than eight years. But the yuan remained stable relative to other currencies in the basket, as the euro and Japanese yen also tumbled to new lows, Ulrich said.