China is opposed to any "currency war", which would be detrimental to the smooth recovery of the world economy, said Premier Li Keqiang while meeting with Christine Lagarde, managing director of the International Monetary Fund, in Beijing on Monday.

China will not use yuan depreciation to boost exports, since this would affect the country's efforts to upgrade its economic structure, he said.

The premier said China will push forward reform of the yuan's exchange rate mechanism and ensure the yuan's exchange rate floats within a reasonable band and is kept largely stable at an appropriate and balanced level, according to an official statement.