China reaffirms pledge against devaluation

China has reaffirmed its commitment not to devalue its currency against the dollar, despite the financial turmoil affecting much of Asia.

At a news conference in Beijing, the governor of the Chinese central bank, Dai Xianglong, said the stability of the Yuan would be crucial in attempts to resolve the crisis.

The Chinese vice-premier Zhu Rongji made a similar pledge to the American deputy treasury secretary, Lawrence Summers, during his visit to Beijing.

China has also ruled out a cut in interest rates, saying it would continue to implement tight economic policies.

From the newsroom of the BBC World Service