China’s vice president said Thursday that his government has no intention of devaluing the yuan. “The fluctuations in the currency market are a result of market forces and the Chinese government has no intention and no policy to devalue its currency,” Li Yuanchao told Bloomberg in an interview on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland. READ MORE: Restoring confidence in the yuan tops to-do list for Chinese currency regulator’s new chief Li, who is also a member of the Communist party’s Politburo, also put the blame for the volatility in the yuan on the US Federal Reserve’s first post-crisis rate rise in December. The yuan’s sharp swings this month have not only sparked capital outflows from China and a sell-off in the stock markets, but also stoked speculation China might once again devalue its currency, as it did in August 2015 to support a flagging economy. China has come in for criticism that it has left markets confused about its policies and occasionally its stated intentions such as keeping its currency stable have not always matched its actions. International Monetary Fund director Christine Lagarde said at the World Economic Forum that China needed to communicate better with financial markets. But the Chinese authorities have consistently maintained they have the ability to keep the currency stable. READ MORE: China currency head urges investors not to listen to ‘talking down’ of yuan Premier Li Keqiang said in a meeting with the president of the European Bank for Reconstruction and Development the country does not intend to use a cheaper yuan as a way to boost exports and has the tools to keep the currency stable, the state news agency Xinhua reported on Saturday. Li Yuanchao also told Bloomberg that China was willing to keep intervening in the stock market. The market is “not yet mature” and the government would boost regulation to avoid volatility, he said. Li also told business leaders and politicians in Davos that China “remains a major driving force for global growth,” after China’s GDP growth fell to 6.9%, the lowest since 1990, last year. “The world economy is now at crucial stage of a shift in the force that drives growth and the Chinese economy has entered a new normal,” characterized by a shift from rapid expansion to pursuing higher quality and efficiency, Li said.