No yuan depreciation to boost exports, says Li

Chinese Premier Li Keqiang speaks with global corporate leaders at the Annual Meeting of the New Champions of the World Economic Forum in Dalian, Liaoning province on September 9, 2015. [Photo provided to China Daily]

China will not stimulate exports through the devaluation of the renminbi, which is not in line with economic restructuring, Premier Li Keqiang said on Wednesday.

During a meeting with global corporate leaders at the annual meeting of the New Champions of the World Economic Forum, Li stressed that the real effective exchange rate of renminbi has risen by 15 percent since the establishment of the current government.

As a major economy highly integrated into the world, China is unwilling to see a currency war, said Li.

The renminbi exchange rate can be maintained at a reasonable and balanced level, as the Chinese economy runs within a reasonable range and China has adequate foreign exchange reserves and increasing trade surplus, Li said.

With the theme "Charting a new course for growth", the three-day summit runs from Wednesday in Dalian, Liaoning province and more than 1,700 participants from 90 countries are expected to attend.