Chen Says U.S.-China Trade Gap Not Caused by Currency
This article is for subscribers only.
China’s Commerce Minister Chen Deming said his country’s trade surplus with the U.S. is being caused by American export controls and shifts in the global production chain, not by an undervalued Chinese yuan.
While foreign exchange can have an impact on a nation’s overall trade balance, “it is not something to do with currency” if the gap is just between two countries, Chen told reporters in Washington. China’s trade surplus with the U.S. made up “99 percent” of the Asian nation’s overall surplus of $183.1 billion last year, he said.