CHINA has no intention to devalue its currency, Vice President Li Yuanchao said Friday, following a sudden drop in the value of the yuan that spooked global markets this month.

    “The fluctuations in the currency market are a result of market forces and the Chinese Government has no intention and no policy to devalue its currency,” Li said.

    The falls raised worries of a creeping devaluation, as it echoed moves in mid-August when China adjusted the yuan down nearly 5 percent over a week, and spurred fears China is pursuing a currency war to help boost its flagging exports.

    “Recently, there have been some fluctuations in China’s economy, its equity and foreign exchange markets and this has triggered some overreaction from the international community,” said Li.

    “I hope the rest of the world can boost confidence and have more confidence in China.”

    China’s economy grew 6.9 percent in 2015, the slowest rate since 1990. For this year, Li said, “some moderation in the growth rate is consistent with the law of economics.” (SD-Agencies)