FM spokesperson: China refutes US allegations of currency manipulation
By Xinhu |
Updated: 2018-07-24 16:24
In accordance with Xinhua, China on Monday said it has no intention to spur exports through a competitive devaluation, rejecting accusations by the United States of manipulating the yuan exchange rate.
"The yuan's exchange rate is mainly determined by market supply and demand," Foreign Ministry spokesperson Geng Shuang told a press briefing. "It floats both ways, which means there are ups and downs."
US Treasury Secretary Steven Mnuchin said last week the US was monitoring the recent weakness in China's currency and would review whether it had been manipulated.
"As for the US willfully igniting a trade war, China remains resolute and clear in its stance that it does not want a trade war, but is not afraid of and will fight one when necessary," Geng said.
"Threats and intimidation will never work on China. We are capable of and confident in safeguarding the interests of the Chinese people," added the spokesperson.
In accordance with Xinhua, China on Monday said it has no intention to spur exports through a competitive devaluation, rejecting accusations by the United States of manipulating the yuan exchange rate.
"The yuan's exchange rate is mainly determined by market supply and demand," Foreign Ministry spokesperson Geng Shuang told a press briefing. "It floats both ways, which means there are ups and downs."
US Treasury Secretary Steven Mnuchin said last week the US was monitoring the recent weakness in China's currency and would review whether it had been manipulated.
"As for the US willfully igniting a trade war, China remains resolute and clear in its stance that it does not want a trade war, but is not afraid of and will fight one when necessary," Geng said.
"Threats and intimidation will never work on China. We are capable of and confident in safeguarding the interests of the Chinese people," added the spokesperson.
