No basis for continued yuan depreciation: Premier Li
[BEIJING] There is no basis for continued depreciation in the Chinese yuan, Premier Li Keqiang was quoted by state television as saying on Tuesday.
"Currently, there is no basis for continued depreciation in the renminbi (yuan), which is able to stay at a reasonable and balanced level," Li said.
China's economic fundamentals had not changed and the government could achieve its main economic targets for the year, he added.
The central bank shocked global markets by devaluing the yuan by nearly 2 percent on August 11. The PBOC called it a free-market reform but some saw it as the start of a long-term yuan depreciation to spur exports.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons