China stats bureau chief same no basis for yuan depreciation

China's statistics bureau same on Tues that there was no basis for yuan depreciation given China's solid economic fundamentals.

Wang Baoan, chief of the National Bureau of Statistics, told an arrangement that stronger dollar and downward pressure in China's economy contributed to recent moves in yuan rate of exchange.

A sustained depreciation of the yuan rate of exchange might fuel capital outflows and have an effect on the pace of yuan internationalization, Wang said.

Wang same he was assured on China's securities market whereas the impact from securities market volatility on real economy would be restricted.

Chinese shares plunged quite vi % to 14-month lows on Tues once oil costs born once more, renewing issues concerning international growth and prompting a sell-off within the world's equity markets.

China's financial organisation has jolted international money markets double in six months by permitting sharp, sharp slides within the yuan, solely to step in sharply to stabilise it.