(W/e) Head of China's SAFE says no intention of devaluing the yuan

Pan Gongsheng is head of the State Administration of Foreign Exchange, writing in state magazine Qiu Shi.

• China has no intention of devaluing its currency to boost its competitiveness,
• There is also no necessity for China to devalue its currency

(via Reuters, more there)

(ps. I'm doing a bit of a catch up on weekend news for the next few posts)