See More on Facebook

Economics, News

China refutes US allegations of currency manipulation

China says it has no intention to spur exports through competitive devaluation of its currency.


Written by

Updated: July 24, 2018

China on Monday said it has no intention to spur exports through competitive devaluation of its currency, rejecting the United States’ accusations of manipulating the exchange rate of the yuan.

“The yuan’s exchange rate is mainly determined by market supply and demand,” Foreign Ministry Spokesperson Geng Shuang told a press briefing. “It floats in both ways, which means there are ups and downs.”

Currently, the good fundamentals of China’s economy provide strong support for the exchange rate of the yuan to remain generally stable.

US Treasury Secretary Steven Mnuchin said last week the United States was monitoring the recent weakness in China’s currency yuan and would review whether it had been manipulated.

“As for the United States willfully igniting a trade war, China remains resolute and clear in its stance that it does not want a trade war, but is not afraid of and will fight one when necessary,” Geng said.

The US has threatened to impose tariffs on more than 500 billion US dollars of goods imported from China.

“Threats and intimidation will never work on China. We are capable of and confident in safeguarding the interests of the Chinese people,” said the spokesperson.

He also said, “we advise the United States to remain calm and handle and solve related issues with a rational attitude.”



Enjoyed this story? Share it.


China Daily
About the Author: China Daily covers domestic and world news through nine print editions and digital media worldwide.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics, News

IMF to visit Pakistan in April

IMF says its mission will visit Pakistan ‘before end of April to continue constructive discussions’. The International Monetary Fund (IMF) on Monday said that it held “constructive discussions” with Pakistani authorities during last week’s spring meetings in Washington and that its mission will be visiting Pakistan “before the end of April to continue the discussions” on a bailout package. The announcement was made by the Office of the Resident Representative of the IMF in a press release following reports that the IMF mission’s visit of Pakistan for finalising the package may be delayed as both sides are still engaged in an intense discussion. “The Pakistani authorities and IMF staff held constructi


By Dawn
April 16, 2019

Economics, News

Malaysia avoids termination fee by renegotiating rail deal

The Chinese-Malaysian venture will go ahead. The government decided to go back to the negotiation table on the East Coast Rail Link (ECRL) project because its termination would cost RM21.78bil with “nothing to show for it”, says Prime Minister Dr Mahathir Mohamad. Dr Mahathir said in renegotiating the project, the government called for a more equitable deal, where the needs of Malaysians would be prioritised. He explained that the Pakatan Harapan government’s main objection to the ECRL project was based on the way and speed at which the original contract was negotiated and signed in 2016. “It was unjustified, a hefty lump sum price which lacked clarity in terms of technical specifications, price, and, by extension, economic justification.


By The Star
April 16, 2019

Economics, News

China and Central European countries agree to boost ties

China and the Central and Eastern European Countries (CEECs) on Friday agreed to enhance connectivity to achieve more development. The agreement was part of the Dubrovnik Guidelines for Cooperation between China and the CEECs, which was released after the eighth China-CEEC leaders’ meeting in the Croatian city of Dubrovnik. According to the guidelines, China and the CEECs are willing to promote railway projects cooperation in line with respective laws and regulations and through consultations, in particular by strengthening exchanges and cooperation on railway planning, railway organization development, management, technology development, logistics and freight terminal construction. China and the CEECs will jointly explore utilization and construction of logistics hubs, said the guidelines, adding that China is welcome to participate in joint development of new freight lines in connecting markets


By China Daily
April 15, 2019

Economics, News

Seoul calls on Washington for auto tariff exclusion

Finance minister meets with US counterpart over trade, FX agendas. South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki has asked the US government for an exemption from a new tariff on imported vehicles, the Ministry of Economy and Finance said Sunday. He also met with representatives of major credit ratings agencies, to persuade them to reflect the peninsula’s eased geopolitical risk in their upcoming sovereign rating adjustments. The fiscal chief met US Treasury Secretary Steven Mnuchin on Saturday, on the sidelines of the Group of 20 finance ministers and central bank governors meeting in Washington last week. This was the first face-to-face encounter between the two since Hong took office in December. “I sat with Secretary Mnuchin in a 30-minute, close-door meeting without any attendees,” Hong told reporters.


By The Korea Herald
April 15, 2019

Economics, News

Managing Pakistan’s slowing economy

The government will find it challenging to keep Pakistan afloat. In case you’ve missed it, there have recently been a slew of forecasts that say the economy is likely to slow to less than 3.5 per cent GDP growth this year (from 5.8pc last year), and next year will be even more difficult as it is expected to contract further to 2.5pc or thereabouts. The World Bank has put these projections out most recently, but the State Bank agrees (though they have not put out any projection for next year at this stage), and the data that the government and the IMF are dealing with during their talks says more or less the same thing. Meanwhile, inflation is set to rise further for a few months, crossing 13pc, as per the World Bank, before it stabilises. The IMF and government projections show inflation to be elevated all thr


By Dawn
April 12, 2019

Economics, News

Modi’s party unveils manifesto with something for everyone

BJP’s key pledges include housing for all by 2022 and the doubling of farmers’ incomes. The ruling Bharatiya Janata Party (BJP) yesterday unveiled a manifesto it said was inspired by the spirit of nationalism, in a bid to woo different segments of society just days before voters go to the polls. Populist pledges included doubling the income of farmers by 2022, social security in the form of pensions for small farmers and traders, and tax cuts for the middle class. The BJP also pledged full commitment to national security and a zero tolerance policy on terrorism. On Thursday, India kicks off a


By The Straits Times
April 11, 2019