Chinese Premier on Yuan's depreciation

CNC
Added On August 27, 2015

Chinese Premier Li Keqiang said on Tuesday there exists no basis for continued depreciation of the Chinese currency yuan, and the exchange rate will be kept "basically stable at an adaptive and equilibrium level."

Li made the remarks while meeting with First Deputy Prime Minister of Kazakhstan Bakytzhan Sagintayev in Beijing.

He said China has recently improved the quotation regime of the RMB central parity as an "appropriate response" to international financial market development.

China was able to complete the targets for yearly economic development by some measures, including adjusting economic structure, unleashing market vitality, preventing risks, etc.

As for the bilateral cooperation between China and Kazakhstan, Li said China was ready to connect the two countries' development strategies and strengthen their coordination on economic and trade policy.

In response, Sagintayev called for more concrete cooperation in areas including industry, energy, railway transportation and agriculture.

Besides, Chinese Vice Premier Zhang Gaoli and Sagintayev co-chaired the seventh session of the China-Kazakhstan Cooperation Commission, at which they reached a six-point consensus to advance bilateral cooperation.

Both sides agreed to step up integration of the China-proposed Silk Road Economic Belt with Kazakhstan's new economic policy of the Bright Road.