The Chinese yuan will be supported over the long term by a sustained trade surplus and China's strong asset position despite recent short-term weakness, said the China Banking and Insurance Regulatory Commission, according to a report in the Securities Times.

CBIRC officials said the current economic difficulties were caused by “unexpected factors” and that growth will be stronger in the long run, shoring up the yuan’s performance. “Currencies of a rising economy will appreciate,” they were quoted as saying. “(Anyone) who sells off the yuan now will feel regret in the future," the officials said. USD/CNH strengthened after the report.