Premier Li says yuan staying stable
Print Edition
Premier Li Keqiang said yesterday that there was no basis for the yuan to weaken any further and the exchange rate would be maintained at a “basically stable” level.
Li made the comments during talks with Bakytzhan Sagintayev, Kazakhstan’s first deputy prime minister, who was visiting Beijing, Xinhua news agency reported.
The exchange rate would be kept “basically stable at an adaptive and equilibrium level,” Li said.
The People’s Bank of China shocked global financial markets on August 11 by devaluating the currency by almost 2 percent in a market reform.
Li yesterday described the move as an “appropriate response” to developments in international financial markets.
“Such adjustment was also made as part of China’s ongoing reform efforts,” the premier said.
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