Premier Li: China will keep renminbi stable

World Today


China will continue opening up its service and general manufacturing sectors and keep the renminbi generally stable within a reasonable and proper range, Chinese Premier Li Keqiang said Monday.

China will open wider to the outside world, improve its open economy, further open up the service and general manufacturing sectors and build a fairer, more transparent and predicable investment environment for foreign investors, Premier Li said while addressing the opening ceremony of the Annual Meeting of the New Champions 2016, or Summer Davos.

China will give equal treatment to domestic and foreign businesses alike, Li added.

China will also maintain a managed floating foreign exchange mechanism that is market-based and adjusted in reference with a basket of currencies, Li said, adding that Chinese economic fundamentals eliminate the possibility of long-term yuan devaluation.

Li also said that China will continue to adhere to the road of peaceful development, pursue a mutually beneficial and win-win opening-up strategy, and is ready to promote growth in an inclusive, balanced, green and sustainable manner with other countries.

Story by Xinhua

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