Li: China will not devalue yuan to boost exports
China has no intention of devaluing its currency to boost exports, as the move does no good for companies’ transformation and upgrading, Premier Li Keqiang said.
Last year, the international foreign exchange market experienced some volatility, and major currencies depreciated against the US dollar, Li told a press conference after the close of the annual legislative session on Wednesday. He added that the depreciation of the Chinese yuan against the dollar was quite modest.
China will continue to push forward reform of its exchange rate formation mechanism, and follow a system of managed floating exchange rate determined by market supply and demand.
“So we believe that China will be able to continue to contribute to the stability of the global currency system,” said Li.