China’s central bank chief has promised not to weaken its currency to boost sagging exports as global finance ministers opened a closely watched meeting in Shanghai.
Zhou Xiaochuan’s comments Friday came as investors and foreign governments look to Beijing for reassurance about its economic and currency management following market volatility. A key concern abroad is that China might weaken its yuan to make its exports more attractive, hurting foreign competitors.
At a news conference, Zhou said, “We will not resort to competitive depreciation to boost our advance in exports.”
Zhou said the Group of 20 meeting of major rich and developing economies should focus instead on managing demand, structural economic reforms and promoting “sustainable and balanced” global growth.