China's central bank governor Zhou Xiaochuan has said that China's yuan will not devalue over the long term. He made the remarks in a statement on the sidelines of the G20 finance ministers' meetings in Ankara.
"There is no substantial transformation in the real economy of China, and a large surplus still remains in the foreign trade of China. So there is no foundation that the RMB will continue devaluing over the long term," Zhou said.
Zhou pointed out that China has been taking measures to prevent its economy from systematic risk, including by the People's Bank of China providing liquidity to the market through multiple channels. The measures taken by the Chinese government have prevented the stock market from steeply declining and the occurrence of systematic risk.