Chinese Premier Li Keqiang said at a press debriefing on Wednesday China has maintained generally stable yuan exchange rate when major international currencies depreciated as the US dollar became stronger, adding that the country would not devalue the yuan to boost exports or fight a trade war.
“The exchange rate of the yuan has modestly depreciated over the past year. China has no intention to devalue the yuan to boost exports, because it’s not good for our companies’ transformation and upgrading. China has no intention to fight any trade war either, because it’s not good for the stability of international trade and currency system,” said Premier Li at a press conference at the end of the National People’s Congress.
Li vowed that the country would continue to push forward the market-oriented reform of its exchange rate, while noting the exchange rate of the yuan has been kept broadly stable, thanks to the sound economic fundamentals of China.
“Our foreign exchange reserves are ample enough to meet the needs such as paying for imports and short-term external debt,” said Li, adding that though the government would monitor the authenticity of foreign currency use, reasonable needs of companies and households paying for overseas tours and study will be ensured.