BEIJING, July 14 (Xinhua) -- China's central bank will move to correct pro-cyclical and one-sided market behaviours when necessary to prevent sharp ups and downs of the Chinese currency renminbi (RMB), or the yuan, an official said Friday. Liu Guoqiang, deputy governor of the People's Bank of China (PBOC), told a press conference that the central bank has the confidence and capability to ensure a stable foreign exchange market. Commenting on the yuan's recent fluctuations, Liu said its exchange rate is in general determined by the market, and the currency could both appreciate or depreciate depending on various factors amid an open Chinese economy.

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