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Premier Li Keqiang and other Chinese officials have repeatedly
said the country will not rely on yuan depreciation to spur
exports.
"China doesn't believe in using competitive depreciation of its
currency to stimulate exports," Zhou told an annual forum in
Boao, on the southern Chinese island of Hainan.
"As Premier Li has said, we need to increase communication and
coordination regarding exchange rate policies," he said.
Zhou said emerging economies should also increase communication
and coordination on issues concerning capital outflows.
On Sunday, Zhou said capital outflows from China had shown a
significant easing, citing an abating of concerns about a
slowdown in the world's second-largest economy.
Recent data showed net foreign exchange sales by the central
bank and commercial banks dropped in February as the yuan <CNY=CFXS>
stabilized, partly due to the dollar's broad retreat as
expectations cool of further interest rate rises by the U.S.
Federal Reserve.
Zhou said the Group of 20 nations may discuss how to enhance the
role of the IMF's Special Drawing Rights (SDR) basket.
In November, the International Monetary Fund admitted the yuan
to the SDR basket alongside the dollar, euro, pound sterling and
yen, a symbolic win for China's campaign for recognition as a
global economic power.
(Reporting by Sue-Lin Wong; Writing by Kevin Yao; Editing by
Robert Birsel)
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