Tags: AS | China | Sinking Yuan

China Promises Not to Weaken Yuan, Criticizes US Concern

Tuesday, 09 October 2018 05:38 AM

BEIJING (AP) — China's government has promised not to weaken its currency to boost exports and rejected U.S. concern about the sagging yuan as groundless and irresponsible.

A foreign ministry spokesman, Lu Kang, said Tuesday that Beijing has no intention of using "competitive devaluation" to make exports less expensive during a tariff fight with Washington.

A U.S. official told reporters in Washington the Trump administration is concerned about the weakening yuan.

The tightly controlled Chinese currency fell to a 22-month low of 6.93 to the dollar on Monday before recovering slightly on Tuesday.

Lu said the U.S. official's comments were "groundless speculation and irresponsible."

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China's government has promised not to weaken its currency to boost exports and rejected U.S. concern about the sagging yuan as groundless and irresponsible.A foreign ministry spokesman, Lu Kang, said Tuesday that Beijing has no intention of using "competitive devaluation"...
AS,China,Sinking Yuan
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2018-38-09
Tuesday, 09 October 2018 05:38 AM
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