Arab Today, arab today no basis for more yuan weakness
Last Updated : GMT 08:54:10
Arab Today, arab today
Arab Today, arab today

China's PM Li Keqiang:

No basis for more yuan weakness

Arab Today, arab today

Arab Today, arab today No basis for more yuan weakness

Chinese Prime Minister Li Keqiang
Beijing - Arab Today

Chinese Premier Li Keqiang said Tuesday there was no basis for the yuan currency to weaken further and the exchange rate would be maintained at a "basically stable" level, state media reported.

Li made the comments in talks with Bakytzhan Sagintayev, Kazakhstan's first deputy prime minister who was visiting Beijing, the official Xinhua news agency said.

The exchange rate would be kept "basically stable at an adaptive and equilibrium level", Li said.

The People's Bank of China (PBoC), the central bank, shocked global financial markets on August 11 by devaluating the currency by almost two percent.

Authorities described the move as a market reform.

Many economists and investors, however, saw it as a way to boost exports by making goods cheaper overseas. They speculated that it meant authorities were concerned economic growth was slowing too rapidly.

Li on Tuesday described the move as an "appropriate response" to developments in international financial markets, Xinhua reported.

"Such adjustment was also made as part of China's ongoing reform efforts," he said.

The PBoC itself moved to reassure markets, telling reporters two days after the devaluation that Beijing would keep the currency stable.

Kazakhstan's currency, the Kazakh tenge, plunged last week after authorities shifted to a free floating exchange rate as the energy-rich Central Asian nation is challenged by lower oil prices.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today no basis for more yuan weakness Arab Today, arab today no basis for more yuan weakness

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today no basis for more yuan weakness Arab Today, arab today no basis for more yuan weakness

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday