A large devaluation probably leads to panic capital outflows and competitive currency devaluation of China's trading partners, which will undermine the country's financial stability and hurt imports, Song added.

MARKET-DETERMINED EXCHANGE RATE SYSTEM

China will be committed to the promises on exchange rates made at all G20 summits and abide by a market-determined exchange rate system, the PBOC governor Yi Gang said Monday.

Refusing competitive devaluation, the country will not resort to exchange rates in handling external uncertainties such as trade disputes, Yi said.

Looking ahead, Yi stressed the central bank, together with the State Administration of Foreign Exchange, would maintain stability and continuity of the country's foreign exchange management policy and safeguard market entities' legitimate and reasonable demands for using foreign currencies.

More efforts will be made to deepen the reform and opening up in the field of foreign exchange, promote the liberalization and facilitation of cross-border trade and investment and better serve the real economy and the country's comprehensive opening up, Yi pledged.

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