China rejects yuan complaints, ‘golden week’ travel, Canton Fair

China's central bank has denied that the yuan is undervalued, stating that it has no intention of gaining competitive advantages through currency devaluation. According to the People’s Bank of China, the country has never resorted to competitive devaluation.

During the seven-day National Day holiday, China recorded 2.14 billion cross-regional passenger trips, with an average of 306 million journeys per day, up 0.7 per cent from a year earlier, according to the Ministry of Transport. The holiday box office fell 36.5 per cent to 1.165 billion yuan from a year earlier, as reported by CCTV.

The US 10-year Treasury yield reached a 24-year high of 5.36 per cent, while the 30-year yield also hit a 24-year high of 5.7 per cent. The yield gap between US and Chinese government bonds has widened, with the 10-year US Treasury yield at 5.22 per cent compared to 1.69 per cent for Chinese government bonds.

Brief written by urgent.news from Reuters Business via SCMP, SCMP Business, South China Morning Post — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.