PBoC’s Zhou dismisses talk of renminbi devaluation

China’s governor says the country is “opposed” to competitive devaluation and capital outflows are likely to subside

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"We have confidence" – Zhou dismissed the possibility of renminbi devaluation ahead of the G20 meet

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

His comments were made during a rare press conference at the PBoC's Beijing headquarters on February 25, a day before the G20 meeting in Shanghai, which will see leading policy-makers gather to discuss some of the world's most pressing financial issues.

High on the agenda will be stock market

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