Chinese Premier Li Keqiang said on Tuesday there exists no basis for continued depreciation of the Chinese currency yuan (the RMB), 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.
Li said that China has recently improved the quotation regime of the RMB central parity as an "appropriate response" to international financial market development.
"Such adjustment was also made as part of China's ongoing reform efforts," he noted.
On Aug. 11, the People's Bank of China (PBOC), the central bank, announced that daily central parity quotes reported to the China Foreign Exchange Trade System before the market opens should be based on the closing rate of the inter-bank foreign exchange market on the previous day, supply and demand in the market, and price movement of major currencies.