China's Premier Li Keqiang met with International Monetary Fund Managing Director Christine Lagarde over the weekend

China state TV reported comments from Li on

  • the People's Bank of China continue its prudent monetary policy
  • to maintain stability in the financial markets
  • Keep a balance between financial stability, gradual deleveraging & steady economic growth

On the currency:

  • China would prioritize preventing financial risks while moving towards a more market-based exchange rate
  • Will keep the yuan at a reasonable and equilibrium level

There is nothing in his comments that comes as a surprise.

If you'd like more, Reuters, Bloomberg.