No basis for more yuan depreciation – China’s Li

FXStreet (Mumbai) - China's Premier Li Keqiang on Monday calmed markets by stating that there is no basis for further CNY devaluation.

The financial markets were rocked in mid-August after the People’s Bank of China altered its FX policy, leading to a drop in Yuan. There was speculation that CNY may be devalued rapidly in order to protect China’s share of exports.

Li added that China aims to develop open and transparent capital markets, aims for long term stability in capital markets and does not want to engage in currency war.