November 22, 2019 / 11:36 AM / 19 days ago

China will not resort to competitive yuan devaluation: Premier

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

BEIJING (Reuters) - China will keep its yuan currency basically stable within a reasonable range and will not resort to competitive devaluation, Premier Li Keqiang said on Friday, according to the state TV.

Beijing will push forward market-based currency reform, China Central Television cited Li as saying in a meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF).

China would further open up its banking, securities and insurance sectors, said Li, adding that it was working toward the goal of fully lifting restrictions on foreign ownership in these sectors.

Reporting by Beijing Monitoring Desk; Editing by Alex Richardson

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