China has no intention of devaluating the yuan to gain an advantage in global trade
The yuan has generally remained stable despite global volatility after Britain's vote to leave the European Union, the People's Bank of China (PBOC) said in an online statement.
The bank's remarks came after media reports about substantial drops of the yuan's exchange rate by the end of the year.
"The reports misled expectations and disrupted the market, encouraging speculative selling. We strongly condemn the behavior, which is irresponsible and against professional ethics," the PBOC said.
The currency will likely remain stable at a reasonable level thanks to China's sound economic fundamentals, according to the statement.