China's Premier Li: Will not resort to competitive currency devaluation

Haresh Menghani FXStreet

Adding to his earlier comments, China's Premier Li Keqiang said that the global economy could face downward pressure but China has many policy tools to overcome difficulties.

Key quotes:

• Says that China opposes unilateralism and protectionism.
• There are growing doubts in some parts of the world about free trade.
• China's economy faces downward pressure.
• But China has many policy tools to overcome difficulties.
• China will not resort to forceful stimulus.
• Will implement proactive fiscal policy and push forward with tax cuts.
• Monetary policy will consider funding difficulties faced by small firms.
• China will not resort to competitive currency devaluation.
• China able to keep Yuan basically stable.
• China will implement tax cuts on a larger scale.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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