China’s Premier Li Keqiang said the world’s second largest economy is still growing within “an appropriate range” despite recent fluctuations in global markets, state-run news agency Xinhua reported.

Premier Li made the remarks during a special meeting of the Chinese State Council on Friday to discuss the latest developments in the global economy and its implications for China.

Recent volatility in global markets has added “new pressure on the Chinese economy”, namely in exports and imports, Premier Li said. But he added: “The Chinese economy is still operating within an appropriate range and China continues to lead the world in terms of growth.”

His comments came after a volatile week on Chinese stock markets and recent data hinting growth in the Chinese economy was weakening.

“We will enact more targeted and responsive macro-regulation to offset downward economic pressure, more robust reform and innovation efforts to energise the market, and more effective delivery to secure the positive momentum for growth,” he said.

The recent cuts in interest rates and the reserve requirement ratio for banks “are already paying off,” Premier Li noted.

The People’s Bank of China last week cut the one-year lending rate and the one-year deposit rate by 25 basis points each. The central bank also reduced the reserve requirement ratio by 50 basis points.

The Chinese Premier added there was “no continued basis for yuan devaluation”. Earlier this month, Beijing devalued the country’s currency against the U.S. dollar by the most in two decades.