Li says yuan to remain stable

Premier LiKeqiang said on Tuesday that the yuan will "remain basically stable" and in equilibrium.

Li said China recently improved its system of setting the daily yuan reference rate against the US dollar - part of the effort to better reflect global market developments. He added that the adjustment was part of China's ongoing reform efforts. There is no longer any basis for continued depreciation of the renminbi, he said.

The yuan has depreciated about 3 percent against the dollar, prompting speculation of monetary easing by the Chinese government amid sluggish exports and weaker economic expansion.