BEIJING, March 12 (People's Daily) –"There is no need at all to rush to buy U.S. dollars," the Governor of the People's Bank of China Zhou Xiaochuan said on Saturday.

Zhou made the remarks at a press conference on the sidelines of the country's ongoing annual parliamentary session.

He stressed that the Chinese currency Renminbi has started to return to its normal and reasonable level after volatility, and the trend will continue.

Zhou attributed the previous depreciation to concerns on a slowing Chinese economy and market jitters caused by easing policies from Europe and Japan.

“There is no basis for continued weakness of the Renminbi and China will not seek to boost exports through competitive devaluation,” he added.