China's Currency Surges as Central Bank Takes Action Against Speculation

China’s yuan jumped on Friday after the country’s central bank moved to shore up the currency following a recent selloff, vowing to curb speculation and calling for more stability in the foreign exchange market.

The People’s Bank of China and the foreign exchange regulator will “strengthen market expectation guidance and take actions to correct pro-cyclical and one-way market behaviors when necessary,” according to a statement Friday.

The offshore yuan gained as much as 0.5% to 7.0121 per dollar and pulled away from 7.0750, its weakest level since December. It pared the advance to trade about 0.4% stronger at 7.0213 by 1:01 p.m. in London.

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