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China's Li makes yuan exchange rate promise

Wednesday, September 21, 2016 - 01:17

China's promised the U.S. it will keep the yuan's exchange rate at a reasonable and balanced level. As Laura Frykberg reports, the Chinese Premier Li Keqiang gave the reassurance at an economic forum in New York.

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It's said to be the fifth most used currency in the world. But the United States is often still about the Chinese yuan. SOUNDBITE (English) SENIOR FX STRATEGIST, RABOBANK, JANE FOLEY, SAYING: "There is a big concern in the U.S and other countries too that China could allow its exchange rate to weaken and therefore extend or expand its slice of the global export pie to the detriment of other countries." There may have been some relief then when China's premier took the opportunity of an economic forum in New York to reassure U.S. leaders. (SOUNDBITE) (Mandarin) CHINESE PREMIER LI KEQIANG, SAYING: "I just want to say that there is no basis for the continuous devaluation of the Chinese currency and China has no intention whatsoever to use currency devaluation to boost exports because that's not good for China's economic transformation." China's moving its economy away from manufacturing. And as a result it's growing at its slowest rate for two decades. But it's still seeing rates of well over six percent.

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China's Li makes yuan exchange rate promise

Wednesday, September 21, 2016 - 01:17