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China's commerce ministry wants stable yuan: spokesman

Xinhua, January 21, 2016 Adjust font size:

The Chinese Ministry of Commerce (MOC) is willing to see a basically stable yuan, which will make foreign trade easier, spokesman Shen Danyang said Thursday.

"Theoretically, a weakening yuan benefits Chinese exporters. In fact, clear depreciation anticipation could erode their advantages during negotiations with foreign buyers," said Shen.

He said many exporters told the MOC that business will be easier in anticipation of a largely stable yuan.

"Like Chinese companies, the MOC also wants to see a largely stable yuan with proper market-based fluctuations," said Shen.

Shen's remarks came as some Western analysts have said the recent weakness of the yuan would help buoy China's sinking exports, which fell 1.8 percent in 2015.

"China has no intention of stimulating exports via competitive devaluation of currencies," Premier Li Keqiang said last week, adding that the country is capable of keeping the yuan basically stable at an appropriate and balanced level. Endi