"There is not any need to devalue Renminbi yuan (the Chinese currency) in the near future," Minister in charge of the State Development Planning Commission Zeng Peiyan said on January 4.

Zeng made the statement at the on-going press conference here this morning sponsored by the Information Office of the State Council.

According to the figures released last week by the National Bureau of Statistics (NBS), China's exports grew by around six percent over 1998 to 195 billion US dollars in 1999, with a trade surplus of 30 billion US dollars.

By the end of last month, China's foreign exchange reserves grew to 154.675 billion US dollars, 9.716 billion U.S. dollars more than at the end of 1998.

Chinese economists say that China's exports will continue to grow as the country's major trade partners in Asia are recovering this year from the financial crisis.