Li rules out us­ing ‘cur­rency war’ to boost ex­ports

China Daily (Canada) - - NEWS CAPSULE -

China is op­posed to any “cur­rency war”, which would be detri­men­tal to the smooth re­cov­ery of the world econ­omy, said Premier Li Ke­qiang while meet­ing with Chris­tine La­garde, manag­ing di­rec­tor of the In­ter­na­tional Mone­tary Fund, in Bei­jing on Mon­day.

China will not use yuan de­pre­ci­a­tion to boost ex­ports, since this would af­fect the coun­try’s ef­forts to up­grade its eco­nomic struc­ture, he said.

The premier said China will push for­ward re­form of the yuan’s ex­change rate mech­a­nism and en­sure the yuan’s ex­change rate floats within a rea­son­able band and is kept largely sta­ble at an ap­pro­pri­ate and bal­anced level, ac­cord­ing to an of­fi­cial state­ment.

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