The yuan’s exchange rate is largely determined by market forces, and it’s normal to see fluctuations, as China’s economic fundamentals provide strong support for exchange rate stability, an official said Monday.
Geng Shuang, spokesperson of the Chinese Ministry of Foreign Affairs (Photo: fmprc.gov.cn)
China does not intend to stimulate exports through the currency competitive devaluation. This is China’s consistent position, said Geng Shuang, spokesperson of the Chinese Ministry of Foreign Affairs, at a press conference on Monday.
As for the trade war initiated by the US government, China is “unwilling to fight, not afraid to fight, and reduced to fight when necessary,” Geng stressed.
China is not scared [of the trade war] and has the ability and confidence to safeguard the interests of the Chinese people. We would like to advise the US administration to remain calm and rationally handle and resolve related issues, Geng said.
Cover image: VCG