China Denies Weakening Yuan for Trade Edge
China rejects criticism that it undervalues its currency to gain a trade advantage. The central bank states it lets the market determine exchange rates and does not manipulate the yuan.
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China has no intention of weakening its currency for trade gains, the central bank said, rejecting criticisms from Western trading partners. The remarks push back against claims that Beijing keeps the yuan undervalued to boost exports. The defense comes as European officials visit China to address bilateral imbalances.
