Chinese Premier Says China Growing at Reasonable Pace

China’s economy is growing at a “reasonable” pace and, despite growing pressure, the government can handle well the risks the country faces, Chinese Premier Li Keqiang said.
The premier, in remarks published late Saturday after a special cabinet meeting, said China is continuing to steadily manage its economy.

Li said international market instability “has increased the uncertainties around the global economic recovery, and the impact on China’s financial market and imports and exports has also deepened, with the economy facing new pressure.”

He defended China’s efforts to steer through a volatile period since mid-June, when China’s stock market plunged. On Friday, Shanghai’s benchmark index was nearly 38 percent below where it was on June 12.

The premier reiterated earlier remarks that there’s no basis for continued depreciation of the yuan following its devaluation on Aug. 11. The yuan “will stay basically stable as a reasonable and balanced level,” he said.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza