A Chinese yuan sign hangs at a currency-exchange shop in Hong Kong Tuesday. In a rare news conference on Thursday, Chinese central bank officials defended their handling of this week’s plunge in the yuan and reiterated that they see no reason for it to fall much further. The People’s Bank of China officials said the yuan would strengthen again once the market stabilizes, and said they see “no basis” for further depreciation. But investors have a different interpretation of Beijing’s move to devalue its currency by 1.9% on Tuesday and its attempt to give the market more sway in its trading level. Many expect a prolonged depreciation of the yuan and forecast bigger price swings as the central bank seeks to engineer its controlled weakening. In early trading Thursday, traders pushed the yuan down as much as 0.9% from its previous close to 6.4470 against the U.S. dollar. The […]