China assures US no devaluation, pushing reforms forward

China's premier has told visiting US Treasury Secretary Jacob Lew his government is pressing ahead with painful reforms to shrink its bloated and steel and coal industries. He also ruled out devaluing its currency.
Premier Li Keqiang's comments to Lew today were in line with a joint declaration by financial officials from the 20 biggest rich and developing economies who met over the weekend in Shanghai. They pledged to avoid devaluations to boost sagging trade and urged governments to speed up reforms to boost slowing global growth.
A deputy Chinese finance minister, Zhu Guangyao, said Li briefed Lew on the status of reforms aimed at reducing excess production capacity that is a drag on the economy.

Zhu said Li also told Lew that China's yuan will "stay basically stable.