Premier shows confidence in stable RMB exchange rate

With stable fundamentals in the Chinese economy, along with balance of international payments and abundant foreign exchange reserves, the exchange rate of China's renminbi can remain stable at a reasonable level, Premier Li Keqiang said during his keynote speech at the opening ceremony of the annual meeting of the New Champions 2018 in Tianjin, also known as Summer Davos, on Wednesday.

The renminbi exchange rate fluctuated recently, spurring suspicion it was an intentional move. This is not true, Li said, as one-way depreciation of the currency would bring China more problems than benefits. China adheres to market-oriented exchange rate reform rather than competitive depreciation and will provide conditions for a stable rate, he said.