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China denies undervaluing currency for export advantage

Updated: Feb 15,2017 9:32 AM     chinadaily.com.cn

China hopes that other nations will see the renminbi’s exchange rate “in a right manner”, a Foreign Ministry spokesman said on Feb 14, in response to news that Washington may be exploring ways to avoid a confrontation with Beijing over currency.

The issue again rose to the surface with the swearing in on Feb 13 of Steven Mnuchin, as US treasury secretary.

China has never undervalued its currency to get an export advantage, Foreign Ministry spokesman Geng Shuang said at a regular news conference. Geng said China will continue to reform its renminbi rate setting procedures.

Geng’s comments were made in response to a Wall Street Journal report that the administration of US President Donald Trump is considering ways to avoid confronting Beijing over currency.

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