China won’t weaken currency to help exporters amid US trade war, Premier Li Keqiang says

China has no intention of weakening its currency to help exporters and will not engage in any form of “competitive devaluation” of its exchange rate, Chinese Premier Li Keqiang said on Wednesday, a day after the latest tit-for-tat measures in the US trade war.

Li told the World Economic Forum in Tianjin that Beijing had not manipulated the exchange rate of yuan to cope with trade tensions, rejecting speculation that the Chinese government deliberately engineered the 8 per cent depreciation of the yuan seen since March to offset the effects of US tariffs on Chinese imports.

“Some people think China deliberately [devalued the yuan]; this is groundless,” Li said, in an indirect response to US President Donald Trump’s allegations that Beijing is manipulating its currency…

Read more : SCMP, 19.09.2018