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2nd LD-Writethru: Premier Li says China not to use yuan depreciation to boost export

Xinhua, September 9, 2015 Adjust font size:

Chinese Premier Li Keqiang told global business leaders on Wednesday that China has no intention of boosting export through the depreciation of yuan.

China is unwilling to see a currency war, as it will be harmful to China, Li said at the Summer Davos being held in northeast China.

Using yuan depreciation to boost China's export does not accord with the structural readjustment of the Chinese economy, Li said.

He said export businesses also want the yuan to remain stable at an equilibration level.

There is no basis for continuing the depreciation of yuan, said the premier.

A continuous depreciation of yuan, which will not benefit the internationalization of the Chinese currency, is not a policy choice for China, Li said.

China is willing to make the yuan join the SDR, the premier said.

Instead of the source of global financial risks, China remains one of the drivers of global growth, he said. Endi