Xinhua News Agency, Beijing, July 23: Foreign Ministry Spokesperson Geng Shuang responded to the US accusation that China manipulated the RMB exchange rate on the 23rd, saying that China has no intention to stimulate exports through competitive currency depreciation.
At the regular press conference that day, a reporter asked: Recently, the United States said that it is closely monitoring the weakening trend of the RMB and accused China of manipulating the RMB exchange rate. What is your response to this?
Geng Shuang said that the RMB exchange rate is mainly determined by market supply and demand, and can fluctuate in both directions. At present, China’s economic fundamentals continue to improve, providing strong support for the RMB exchange rate to remain basically stable. “China has no intention to stimulate exports through competitive currency devaluation. This is China’s consistent position.”
Another reporter asked: The United States has threatened to impose tariffs on more than $500 billion in Chinese imported goods. What is China’s response to this?
Geng Shuang said that regarding the United States’ insistence on provoking a trade war, China’s position is very firm and clear that it is “unwilling to fight, not afraid of a fight, and will have to fight when necessary.”
“China is not intimidated. China has the ability and confidence to safeguard the interests of the Chinese people.” He said, “We advise the United States to stay calm and handle and resolve relevant issues through a rational attitude.” (Title: Ministry of Foreign Affairs. : China has no intention to stimulate exports through competitive currency depreciation)
