China talks markets out of a run on the yuan

Maintaining control: Police guard the People’s Bank of China in Beijing. Observers say the bank used non-standard measures to intervene in the foreign-exchange market. — Reuters

SINGAPORE: In recent months, China has sought to stabilise the yuan by orchestrating buying by state banks and giving market guidance to bankers.

The strategy of moral suasion marks a sharp break from Beijing’s approach the last time the currency was on the ropes, in 2015.