BEIJING (Reuters) - The Chinese yuan's exchange rate will stay basically stable at a reasonable and balanced level, Chinese Premier Li Keqiang said when he met U.S. President Barack Obama in New York, the official Xinhua news agency said.

There is no basis for a sustained devaluation of yuan, Li was quoted as saying, adding that the Chinese economy has shown a steady upward trend and has ample room to maneuver.

(Reporting by Beijing Monitoring Desk; Editing by Eric Meijer)