Premier Li reiterates China will not manipulate yuan

Premier Li Keqiang on Friday ruled out the possibility of resorting to competitive depreciation of the yuan, saying that China will keep its currency basically stable at a reasonable equilibrium level.

In talks with Managing Director of the International Monetary Fund Kristalina Georgieva in Beijing, Li said the country will continue to move forward with market-based reform of its currency.

China will continue to expand opening up in the banking, insurance and securities sectors, and work toward the goal of fully lifting restrictions on ownership and access for foreign banks, he said, adding that the financial sector will continue to be a priority for the country's opening up.

He highlighted the importance of furthering reform and opening up to stimulate market vitality and withstanding the downward pressure.

China will, as always, support a strong, quota-based and adequately resourced IMF, he added.

Georgieva hailed the economic policies adopted by the Chinese government as "well-calibrated" during the meeting.

The proactive fiscal policies, large-scale tax and fee cuts and prudent monetary policies will help improve the country's long-term competitiveness, she said.

The IMF chief is in China to attend the fourth "1+6" Dialogue, held between the premier and heads of six major economic organizations.