Economics
China Won’t Devalue Yuan to Boost Exports, Premier Li Says
- One-way devaluation will do ‘more harm than good’: Premier Li
- China promises retaliation with higher tariffs on U.S. goods
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Hours after China and the U.S. announced their latest tariff salvos in the escalating trade war, Chinese Premier Li Keqiang said the nation wouldn’t devalue its currency in order to make its exports more competitive.
“Recent fluctuations in the renminbi exchange rate have been seen as an intentional measure, but that isn’t true,” Li said in a keynote speech at the World Economic Forum in Tianjin on Wednesday. “One-way devaluation will do more harm than good to China’s economy. China will by no means stimulate exports by devaluing the yuan.”