Beijing [China], Feb. 25 : China has hit back at U.S. President Donald Trump after he accused the country of being the 'grand champion of currency manipulation'.
Chinese Foreign Ministry spokesperson Geng Shuang on Saturday clarified that China had no intention to gain an upper hand in trade through competitive currency depreciation and there didn't exist any basis for a continued depreciation of the currency.
"On the issue of the RMB exchange rate, we have repeatedly articulated our position. We will continue to reform the RMB exchange rate formation mechanism and maintain the exchange rate basically stable at a reasonable and equilibrium level.
China has no intention to gain an upper hand in trade through competitive currency depreciation, and there exists no basis for a continued depreciation of the RMB.
We hope that the relevant party can approach the issue of the RMB exchange rate in an objective and accurate way and contribute to building mutual trust and cooperation," he said at a press conference at ASEAN Foreign Ministers' Retreat, when asked about Trump's comments.
Earlier, in an interview Trump, who has previously attacked China over trade, North Korea, Taiwan and the South China Sea, declared China as the 'grand champions of currency manipulation' even as his new Treasury Secretary pledged for a more methodical approach to analysing Beijing's foreign exchange practices.
Source: ANI
