央行行长周小川:人民币不存在持续贬值基础

China's central bank chief has blamed foreign speculators in part for volatility in the yuan and said there is no basis for further depreciation.

People's Bank of China Governor Zhou Xiaochuan said in an interview with Caixin magazine that "International speculative forces have recently focused on shorting China. He said, "They are eager to manufacture public opinion to try to force an outcome as soon as possible," but did not identify who he was referring to.

Zhou added that China has the world's largest foreign exchange reserves, and will not let speculative forces guide market sentiment. He said there is no foundation for continued depreciation of the yuan, and pledged that currency reforms would continue.