No plans to devalue yuan: China's VP

Davos, Switzerland

CHINA'S vice-president has underlined the communist leadership's pledge to avoid pursuing a policy of devaluation of the yuan, after criticism that his nation's policymakers haven't been clear on their intentions with the exchange rate.

"The fluctuations in the currency market are a result of market forces, and the Chinese government has no intention and no policy to devalue its currency," Li Yuanchao, who is also a member of the party's Politburo, said in an interview with Bloomberg News on Thursday after arriving at the World Economic Forum's (WEF) annual meeting here.