China's Xi says no basis for long-run yuan depreciation

WASHINGTON (Reuters) - Chinese President Xi Jinping said on Friday there was no reason to expect China's yuan currency to depreciate against the U.S. dollar over the long run, saying the exchange rate was "moving toward stability."

"There is no basis for the renminbi to have a devaluation in the long run," Xi said at a joint news conference with U.S. President Barack Obama, using an alternative name for the yuan.

"At present, the exchange rate between renminbi and U.S. dollar is moving toward stability," he added. "Going forward, China will ... maintain the normal fluctuation and maintain the basic stability of the renminbi at an adaptive and equilibrium level."

(Reporting by Julia Edwards, Roberta Rampton and Jeff Mason; Writing by Tim Ahmann; editing by Doina Chiacu)

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