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

[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