‘No basis’ for continued devaluing of yuan

There is no basis for continued depreciation in the Chinese yuan, the country’s premier Li Keqiang was quoted by state television as saying yesterday.

“Currently, there is no basis for continued depreciation in the renminbi yuan, which is able to stay at a reasonable and balanced level,” Mr Li said.

China’s economic fundamentals had not changed and the government could achieve its main economic targets for the year, he added.