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Index2Day / Chinese PM | No basis for further devaluation of the yuan

Chinese PM | No basis for further devaluation of the yuan


Chinese PM | No basis for further devaluation of the yuan
The Chinese Premier Li Keqiang said that there is no basis for further devaluation of the Chinese currency – the yuan- and that the exchange rate would remain “basically stable at an adaptive and balancing level.”
Mr. Li made the statement during a meeting with the First Deputy Prime Minister of Kazakhstan Bakytzhan Sagintayev in Beijing.
Mr. Li noted that China has recently improved the exchange rate regime of the yuan thus giving the “appropriate response” to the development of international financial markets.
“This adjustment was also made as part of the ongoing reform efforts of China,” he said.