"I have repeatedly stated that in the current complicated international financial environment China has no intention to carry out a competitive devaluation of yuan," Li stated following talks with Abe.
Over the past six months, yuan devalued to 7 percent to the US dollar. The United States has been accusing China of manipulating the national currency amid increased trade tensions between the two countries and the imposition of bilateral import tariffs.
READ MORE: Weaker Yuan is Double-Edged Sword for Chinese Economy — Analyst
In August 2015, the People's Bank of China sharply weakened the yuan, which shook global equity markets. Since then the Chinese authorities have weakened the national currency another three times, which triggered the criticism of the international community, with experts claiming that China deliberately devalued the yuan to stimulate exports.
The allegation has been refuted by Beijing.