China economy on steady upward trend, says Premier Li Keqiang

[BEIJING] China's economy has shown a steady upward trend and has huge room for maneuver while there's no basis for a sustained depreciation of the nation's currency, said Premier Li Keqiang.

Mr Li, speaking as he met with President Barack Obama in New York, said the yuan will stay basically stable and at a reasonable and balanced level. Those comments echo the government's recent commentary on the currency.

Mr Li's expression of confidence in the nation's economic outlook follow similar signals from the central bank this week.

Better-than-expected lending and money supply data for August show the economy has bottomed in its "L-shaped" recovery, a central bank newspaper said in a front-page commentary on Monday.

BLOOMBERG