China's PM Li Keqiang quoted from an official statement issued Saturday, said there was no basis for a continued depreciation of the yuan
- Said yuan can remain "basically" stable on a "reasonable and equilibrium level"
- China will continue to carry out proactive fiscal policy
- Prudent monetary policy
- Will use "more precise" measures to cope with downward pressure on the economy
- Traditional drivers for growth are not as strong
- Important to come up with new measures to bolster reform and opening up
- Necessary to provide more public goods and services, and encourage mass entrepreneurship and innovation to boost the growth momentum"
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Statement posted on the State Council's website on Saturday
- Li made the comments on Friday, where he chaired a special meeting of the State Council
