China Says It Has ‘No Desire’ to Devalue Yuan Amid Trade War
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China has no desire to boost its exports through competitive devaluation while the nation’s sound economic fundamentals are providing support to the currency, a spokesman said on Monday as U.S. President Donald Trump took issue with the yuan’s month-long losing streak.
“The exchange rate of China’s RMB is determined by the market. There are ups and downs. It’s a two-way float,” Geng Shuang, foreign ministry spokesman, said at a regular briefing in Beijing when asked to comment on Trump’s remarks on the yuan.