PBoC's Zhou dismisses talk of renminbi devaluation ahead of G20 meetings

Zhou Xioachuan
Zhou Xiaochuan, PBoC governor

People's Bank of China (PBoC) governor Zhou Xiaochuan has sought to allay fears of a renminbi devaluation, suggesting China's economy has strong fundamentals and little to gain from a weaker currency.

His comments came in a rare press conference at the PBoC's Beijing headquarters yesterday, ahead of the G20 meetings in Shanghai, beginning today (February 26).

High on the agenda will be stock market volatility in China, which has contributed to global markets' worst annual start since the 1930s.

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