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China doesn't hope to use yuan depreciation to boost exports: Premier Li
March 15, 2017 / 4:35 AM / 8 months ago

China doesn't hope to use yuan depreciation to boost exports: Premier Li

BEIJING (Reuters) - China will continue to push yuan exchange rate regime reform and does not hope to use yuan depreciation to support exports, Premier Li Keqiang said on Wednesday.

China's Premier Li Keqiang gestures during a news conference after the closing ceremony of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, China, March 15, 2017. REUTERS/Jason Lee

The yuan fell 6.5 percent against the dollar last year, with the central bank spending down foreign exchange reserves to prevent further weakening in the currency.

China’s foreign exchange reserves are sufficient to cover imports and foreign debt payments, Li said at his news conference at the end of the annual meeting of China’s parliament, and added that normal use of foreign exchange by firms and individuals will be guaranteed.

Li also said the yuan will remain basically stable.

Reporting by Ryan Woo and Kevin Yao, Writing by Elias Glenn; Editing by Kim Coghill

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