You are here

China's largest bank says no basis for continued yuan depreciation

Thursday, February 25, 2016 - 09:54

bankofchina250216.jpg
The chairman of Industrial and Commercial Bank of China, the country's largest bank by assets, said on Thursday there was no basis for continued depreciation of China's yuan, also known as the renminbi.

[SHANGHAI] The chairman of Industrial and Commercial Bank of China, the country's largest bank by assets, said on Thursday there was no basis for continued depreciation of China's yuan, also known as the renminbi.

Jiang Jianqing, speaking at an event in Shanghai, added that financial institutions faced pressure from slowing economic growth, although the risks they faced were under control.

The official China Daily newspaper earlier quoted China's finance minister Lou Jiwei as saying a proposal to devalue China's currency was not on the agenda for the G20 meeting of policymakers, which starts on Friday.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom