Premier Li sees no further currency depreciation

Premier Li Keqiang said on Tuesday that the Chinese yuan will not depreciate further and will "remain basically stable".

The premier said China has improved its system of daily yuan reference rates against the US dollar, part of efforts to better reflect global market developments and such adjustments were also made as part of China's ongoing reform efforts.

There no longer exists a basis for continued depreciation of the yuan and the exchange rate will be kept basically stable, he said.