China's largest bank says no basis for continued yuan depreciation
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[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
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Singaporeans can now buy record amount of yen per Singdollar
