No basis for continued yuan depreciation: China Premier Li

There is no basis for continued depreciation in the Chinese yuan, Premier Li Keqiang was quoted by state television as saying on Tuesday.

"Currently, there is no basis for continued depreciation in the renminbi (yuan), which is able to stay at a reasonable and balanced level," Li said.

China's economic fundamentals had not changed and the government could achieve its main economic targets for the year, he added.

The central bank shocked global markets by devaluing the yuan by nearly 2 percent on August 11. The PBOC called it a free-market reform but some saw it as the start of a long-term yuan depreciation to spur exports.