17:09 GMT +314 November 2018
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    Chinese Premier Rules Out Plans to Purposely Devalue National Currency

    © AFP 2018 / FRED DUFOUR
    Asia & Pacific
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    BEIJING (Sputnik) - The Chinese government has no plans to purposely devalue the country's national currency and will keep the yuan at a stable level, Premier of the Chinese State Council Li Keqiang stated at a joint press conference with Japanese Prime Minister Shinzo Abe.

    "I have repeatedly stated that in the current complicated international financial environment China has no intention to carry out a competitive devaluation of yuan," Li stated following talks with Abe.

    The prime minister stressed that China would maintain yuan at a rational stable level to ensure the country's economic and financial stability.

    Over the past six months, yuan devalued to 7 percent to the US dollar. The United States has been accusing China of manipulating the national currency amid increased trade tensions between the two countries and the imposition of bilateral import tariffs.

    READ MORE: Weaker Yuan is Double-Edged Sword for Chinese Economy — Analyst

    In August 2015, the People's Bank of China sharply weakened the yuan, which shook global equity markets. Since then the Chinese authorities have weakened the national currency another three times, which triggered the criticism of the international community, with experts claiming that China deliberately devalued the yuan to stimulate exports.

    The allegation has been refuted by Beijing.

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    devaluation, yuan, currency, China
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