China: "Won't Use Exchange Rate as a Tool in Trade War"

[Asia Economy Reporter Bu Aeri] The Chinese government emphasized its existing stance that it will "maintain exchange rate stability and will not use it as a tool in the trade war" in response to the United States removing China from the currency manipulator list.

Geng Shuang, spokesperson for the Chinese Ministry of Foreign Affairs, stated at a regular briefing on the 14th, "China was never a currency manipulator. The latest conclusion by the United States aligns with the facts and the common understanding of the international community."

He further explained that the International Monetary Fund (IMF) also assessed that the yuan exchange rate level corresponds to economic fundamentals.

Spokesperson Geng added, "As we have stated multiple times, we will not rely on competitive currency devaluation, nor will we use the exchange rate as a means to respond to external disturbances such as trade disputes."

Additionally, he stated that China will "basically maintain the yuan exchange rate at a reasonable and balanced level." He emphasized that China will continue to reform the foreign exchange market based on supply and demand.

The United States removed China from the currency manipulator designation in its currency report on the 13th, two days before the signing of the Phase 1 trade agreement with China scheduled for the 15th (local time).

This content was produced with the assistance of AI translation services.