Chinese President Xi Jinping said that China's stock markets are in self recovery and adjustment mode after the recent ups and downs. He said China will continue reforms that allow the RMB to float both ways.

Chinese President Xi Jinping (C) delivers a speech during a welcome banquet jointly hosted by Washington State government and friendly communities in Seattle, the United States, Sept. 22, 2015. Xi arrived in this east Pacific coast city on Tuesday morning for his first state visit to the U.S. [Xinhua]

"We will stick to the reform policy of letting the supply and demand decide the exchange rate, and allow the RMB to float both ways," Xi said.

"We are against competitive depreciation and currency wars. We are not going to lower the RMB exchange rate to stimulate exports.

"To develop the capital market and perfect the pricing scheme of the RMB exchange rate are the directions of our reform. This is not going to be changed by the recent fluctuation in stock markets and exchange rate markets."

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