Premier Li Keqiang told global business leaders on Sept 9 that China has no intention of boosting exports through the depreciation of yuan.

China is unwilling to see a currency war, as it will be harmful to China, Li said at the Summer Davos being held in Northeast China.

Using yuan depreciation to boost China’s exports does not accord with the structural readjustment of the Chinese economy, Li said.

Li said exports businesses also want the yuan to remain stable at an equilibration level.

There is no basis for continuing the depreciation of Chinese yuan, said the Premier.