China has never been a currency manipulatorChristian Fernsby ▼ | January 15, 2020
China has never been a currency manipulator, a Foreign Ministry spokesperson Geng Shuang said, adding the United States' dropping its designation of China as a currency manipulator was in line with the facts and international consensus.
Economy in China Geng Shuang
Topics: China currency
"China has never been a currency manipulator. The latest U.S. conclusion is in line with the facts and the consensus of the international community," Geng said.
Geng added that the latest International Monetary Fund assessment concluded that the yuan's exchange rate level is generally in line with the economy's fundamentals, objectively denying the claim that China is a "currency manipulator."
China is a responsible country, Geng said, adding that, "We have reiterated time and again that we will not engage in competitive currency devaluation and we have not and will never use the currency exchange rate as a tool to address trade conflict."
China will unswervingly deepen the market-oriented reform of the yuan's exchange rate mechanism, continue to improve the managed floating exchange rate system based on market supply and demand and reference to a basket of currencies, and keep the yuan's exchange rate basically stable at a reasonable and balanced level, Geng added. ■