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China ‘has no intention’ of using currency devaluation
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China ‘has no intention’ of using currency devaluation

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China said on Friday it has no intention of using currency devaluation to its advantage in trade, responding to an assertion from US President Donald Trump that China is the “grand champion” of currency manipulation.

Trump said in an interview with Reuters on Thursday he had not “held back” in his assessment that China manipulates its yuan currency, just hours after his new Treasury secretary pledged a more methodical approach to analysing Beijing’s foreign exchange practices.

Chinese Foreign Ministry spokesman Geng Shuang said he hoped the United States could “fully and correctly” view the exchange rate issue.

“China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi,” he told a daily media briefing in Beijing.

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