China's 37 million workforce in the state sector accounts for nearly 40 percent of the country's industrial production.
Adding to the problem of oversupply, many top dollar projects are nearing completion.
Yi Gang, the vice governor of China's central bank, had said on Sunday that said he is confident in the currency's fundamentals
Wang met with U.S. Treasury Secretary Jacob Lew and the Turkish counterpart Mehmet Simsek in Beijing on Sunday.
China urges the U.S. to stop playing up the situation.
SGX share prices rise as investors cheer the move.
China said it is keeping its reform plans intact and BoE's Mark Carney said central banks still have unused tools.
The workers who lost their jobs as part of capacity rationalization in industrial units will benefit from this move.
The move off the 6-year low hit last month to a 3-month high this month is only a slight correction.
With Wednesday's move, the Chinese currency is down nearly 0.7% from last week's levels.
Singapore expanded 2% in 2015, trailing official forecast of 2.1% and well below the 2014 rate of 3.3%.
Growth was earlier pegged at 2.1 percent but a sharp downturn in manufacturing amid a global slowdown drove growth figures lower.
Core inflation, which excludes accommodation and private road transport, was at 0.4 per cent, compared to 0.3 per cent in December.
The country's Competition Commission said that there is no evidence to suggest collusion in petrol pricing among retailers.
The Sterling is down 1% so far this month and hovers near a 7-year low versus US dollar.