China's Premier gurantees IMF Yuan to stay stable

FXStreet (Bali) - Chinese Premier Li Keqiang, in a telephone call with IMF chief Christine Lagarde during Thursday, said that the Chinese government has no intention to boost exports by devaluing the renminbi.

Li added they are not intending to create a currency war, and that China "is able to maintain continued, steady growth of its economy."

"The fact is that the renminbi exchange rate has remained basically stable against a basket of currencies, and there is no basis for continuous depreciation of the renminbi", Li said.

"China will press steadily ahead with the reform of mechanism to formulate the RMB exchange rate" Li also commented.