China not to adopt beggar-thy-neighbor currency devaluation: Xi

BEIJING -- President Xi Jinping said Friday that China will not engage in beggar-thy-neighbor currency devaluation.

Xi made the statement in a keynote speech at the opening ceremony of the Second Belt and Road Forum for International Cooperation in Beijing.

China will continue to improve the exchange rate formation mechanism of its currency, the renminbi, and keep the exchange rate generally stable on a reasonable and balanced level, he said.