PBOC: Market plays a decisive role in the yuan's exchange rate

China insists that the market plays a decisive role in the yuan's exchange rate, Yi Gang, governor of the country's central bank, the People's Bank of China (PBOC), said during the International Monetary Fund (IMF) and World Bank annual meetings in Bali, Indonesia, Reuters reported on Saturday.

“We will not engage in competitive devaluation, and will not use the exchange rate as a tool to deal with trade frictions,” he said.

He also said on Thursday that China expected all stakeholders to seek constructive solutions to ease the escalating trade tension between China and the US, according to the PBOC's website. 

China will achieve its economic growth target of this year, Yi said, noting that China's economy is developing stably.