SHANGHAI/SINGAPORE (Sept 19): The depreciation pressure on the Chinese yuan against the US dollar is temporary, state media said on Tuesday, noting that its value against major trading partner currencies is stable. The remarks made by the official Economic Daily follow several other similar comments by authorities in recent months, both through state media and at press conferences, and come a time the yuan has been facing persistent weakness against the US currency. It is down more than 5% on the greenback year-to-date and is the one of the worst performing Asian currencies in 2023.

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