Chinese Premier Li Keqiang said on Tuesday there exists no basis for continued depreciation of the Chinese currency yuan (the RMB), and the exchange rate will be kept "basically stable at an adaptive and equilibrium level."

Li made the remarks while meeting with First Deputy Prime Minister of Kazakhstan Bakytzhan Sagintayev in Beijing.

Li said that China has recently improved the quotation regime of the RMB central parity as an "appropriate response" to international financial market development.

"Such adjustment was also made as part of China's ongoing reform efforts," he noted.

On August 11, the People's Bank of China (PBOC), the central bank, announced that daily central parity quotes reported to the China Foreign Exchange Trade System before the market opens should be based on the closing rate of the inter-bank foreign exchange market on the previous day, supply and demand in the market, and price movement of major currencies.

Li said the complicated world economic situation and market turbulence had some impact on China's economy, however, the fundamentals of China's economy remained stable, the economy is running within a reasonable range, and positive elements supporting a good development of the real economy is accumulating.

There was still room for further innovation and macro-control, and domestic demand was yet to be increased, Li noted.

He said China was able to complete the targets for yearly economic development as some measures including stabilizing economic growth, adjusting economic structure, unleashing market vitality by mass entrepreneurship and innovation, improving people's livelihood and preventing risks took effect.

This will be an important contribution for the recovery of the world economy, Li added.

As for the bilateral cooperation between China and Kazakhstan, Li said China was ready to connect the two countries' development strategies and strengthen their coordination on economic and trade policy.

He hoped the two governments could issue more favorable policies for the bilateral capacity cooperation and conduct more projects.

Sagintayev hailed the capacity cooperation the two countries already conducted, and called for more concrete cooperation in areas including industry, energy, railway transportation and agriculture.

He said Kazakhstan is confident in China's economic development and the prospect of Kazakhstan-China cooperation.

(Xinhua News Agency August 25, 2015)