China is ‘against competitive depreciation, currency war ‘– China’s President Xi

FXStreet (Mumbai) - Addressing a dozen of US business leaders in his visit to the US on Wednesday, China’s President Xi Jinping sounded quite optimistic on the China’s economic prospects.

Key Quotes:

China economy still in reasonable range

Economy faces certain downside pressure

No basis for continuous yuan depreciation

Depreciate yuan to boost exports

Against competitive depreciation, currency war

Govt measures on stock mkt prevented risks

Govt measure on stock mkt contains panic sentiment

Govt to continue with reforms/opening up