February 17, 2016 / 3:12 AM / 2 years ago

China commerce ministry says seeing no signs of capital flight

Signs of Chinese Yuan and U.S. dollar are seen at a foreign exchange store in Shanghai, January 8, 2016. REUTERS/Aly Song

BEIJING (Reuters) - China is not witnessing any signs of capital flight and there is no basis for continued depreciation of the yuan, a spokesman for the country’s commerce ministry said on Wednesday.

Concerns about a slowdown in the world’s second-largest economy, declining foreign exchange reserves and capital outflows have put pressure on China’s currency, also known as the renminbi.

China will not allow speculators to dominate market sentiment regarding its foreign exchange reserves, central bank governor Zhou Xiaochuan was quoted as saying on Saturday.

Reporting by Xiaoyi Shao and Beijing Monitoring Desk; Editing by Jacqueline Wong

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