No basis to devaluate RMB over long term

THE EXCHANGE rate of the Chinese currency has been relatively volatile recently. This should be viewed from a longer-term perspective and put in the larger context of China's market-based financial reforms, says Xinhua News Agency:

There is simply no basis for the renminbi to devaluate over the long term as the Chinese economy remains robust. The slowdown in economic growth is within the expectations of decision-makers even though it seems to have surprised some.

China does not have a policy to devaluate the renminbi to stimulate its exports. This is a commitment.