China official says no plans to devalue yuan

China has no intention to devalue its currency, the country's vice president Li Yuanchao has said, following a sudden drop in the value of the yuan that spooked global markets this month. Beijing guided the unit down by setting its daily fix lower for eight consecutive sessions, representing a 1.4 percent fall, before returning to stability. "The fluctuations in the currency market are a result of market forces and the Chinese government has no intention and no policy to devalue its currency," L