China stats bureau chief said no basis for yuan depreciation

China's statistics bureau said on Tuesday that there was no basis for yuan depreciation given China's solid economic fundamentals. Wang Baoan, chief of the National Bureau of Statistics, told a briefing that stronger dollar and downward pressure in China's economy contributed to recent moves in yuan exchange rate. A sustained depreciation of the yuan exchange rate could fuel capital outflows and affect the pace of yuan internationalization, Wang said.