China repeated on April 13 that it has “no intention” of engaging in competitive devaluations to boost exports.
“You can see that the yuan itself has no basis of consistent devaluations. We are willing to expand practical cooperation in all aspects on the basis of equality and mutual benefit to push for the development of a balanced trade and economic relationship with the United States,” said Lu Kang, Chinese foreign ministry spokesman.
The comments come after U.S. President Donald Trump said he won’t label China as a currency manipulator.
Washington is still working to reduce the trade deficit with China.
Competitive devaluations, better know as currency war, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies.