Quotes of the day

"The central bank was able to stabilize the exchange rate thanks to China's $3.7 trillion in foreign exchange reserves. It will intervene only in 'exceptional circumstances' to counteract excessive volatility. The Chinese government has no intention or need to participate in any so-called currency war."

Ma Jun, chief economist at the People's Bank of China

"Using currency depreciation to stimulate export growth is neither useful nor necessary. While China's exports have fallen this year, exporters across Asia have faced the same challenges, suggesting that the underlying problem is sluggish demand in developed markets."