12:05 GMT28 October 2020
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    Prime Minister Li Keqiang said that Beijing is due to improve the mechanism for setting the exchange rate of the Chinese yuan.

    BEIJING (Sputnik) Beijing is due to improve the mechanism for setting the exchange rate of the Chinese yuan, also known as the renminbi (RMB), to maintain its stability, Prime Minister Li Keqiang said Saturday.

    "Improvements will be made to the market-based mechanism for setting the RMB exchange rate to ensure it remains generally stable at an appropriate and balanced level," Li said in his report delivered at a session of China's parliament, the National People's Congress.

    China's yuan has lost more than 1.5 percent against the US dollar since the start of 2016. The yuan's January devaluation by the the People’s Bank of China has been the largest since August 2015, when the currency lost over 3 percent against the dollar, triggering a stock market slump around the world.

    In late January, Li said that China did not seek to continue devaluing the yuan after having achieved basic stability for the currency. The country's authorities retain the capacity to ensure stable and sustainable economic growth despite despite the deep structural changes in China's economy, according to the prime minister.


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