China's vice-president has denied the possibility of devaluation of its currency '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 said this in an interview to a private news agency yesterday. He is presently in Davos of Switzerland to attend the World Economic Forum's meet.Li, who is also a member of the Communist party's Politburo, also put the blame for the volatility in the yuan on the U.S. Federal Reserve's first post-crisis rate rise in December. Li also said, China is willing to keep intervening in the stock market to avoid its volatility. The yuan's sharp swings this month have sparked capital outflows from China and a selloff in its stock markets. These also stoked speculation that China might once again devalue its currency, as it did in August last year, to support a flagging economy.