Chinese Premier: RMB/USD exchange rate will remain basically stable

According to AFP, on August 25, Chinese Premier Li Keqiang affirmed that there is no basis for the yuan to continue weakening and that the yuan/USD exchange rate will be maintained at a "basically stable" level.

He made the statement during talks with Kazakhstan's First Deputy Prime Minister Bakytzhan Sagintayev, who is visiting Beijing.

Chinese Premier Li Keqiang. Photo: AFP

According to Premier Li Keqiang, the exchange rate will continue to be maintained "basically stable at an adaptive and balanced level."

The Chinese premier said that the country's recent consecutive adjustments to the exchange rate of its currency were an "appropriate response" to developments in international financial markets. He stressed: "This adjustment is also carried out as part of China's ongoing reform efforts."

In another development, British Finance Minister George Osborne expressed concern on the same day that China's economic crisis is affecting global financial markets.

However, during a meeting with diplomats in Paris on August 25, French President Francois Hollande expressed confidence that China could overcome the current stock market crisis.

According to Vietnam+