China will not devalue renminbi to spur exports: central bank chief.
China has gone to great lengths to support its currency and would not devalue the renminbi to spur exports or combat trade frictions, the governor of the central bank said Sunday.
"Let me stress here that we will never use the exchange rate for the purpose of competition, nor will we use the exchange rate to increase China's exports or as a tool in handling trade frictions," said Yi.He noted the US Treasury Department had declined many times to label China a currency manipulator in its semi-annual report on international exchange rates.
China's banking regulator told reporters earlier this week that the two sides would reach a consensus on the exchange rate and indicated it would not be a sticking point in the way of a larger trade agreement.
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