Li: China will not de­value yuan to boost ex­ports

China Daily (Canada) - - NEWS CAPSULE -

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.

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