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China Has No Reason to Devalue the Yuan: Vice Finance Minister
China will not devaluate the yuan as the macro indicators remained firm over the last couple of months, while reform of the renminbi's exchange regime will be market-dependent, China Vice Finance Minister Zhu Guangyao told CNBC on Friday. "With strong economic fundamentals, we believe the renminbi will continue to keep stability and for the long-term, (there isn't) any reason for the renminbi to devaluate. We will continue to reform the exchange regime of renminbi to reflect the market situation," Guangyao said. "We (are putting in place) reforms, particularly supply-side structural reforms," he added. The USD/CNY ... (full story)