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Currency wars: Beijing says it won’t weaponize yuan in US trade conflict

Currency wars: Beijing says it won’t weaponize yuan in US trade conflict

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China has pledged not to depreciate the yuan’s exchange rate after Washington officially labeled Beijing a currency manipulator amid the escalation of the trade conflict between the world’s two biggest economies. The People’s Bank of China, the nation’s central bank, fixed the yuan’s midpoint reference at 7.0326 per dollar on Tuesday. It was the fourth consecutive session in which the Chinese currency was below the psychologically important 7-yuan-per-dollar level. The yuan fell in the beginning of last week, reaching the lowest level since December 2008. Washington was quick to accuse China of deliberately devaluating the yuan and designating the trade war rival a currency manipulator – a claim that Beijing has repeatedly denied. In an article for the Financial News, a central bank-backed newspaper, the vice governor with the People’s Bank of China and head of China’s State Administration of Foreign Exchange, Pan Gongsheng, refuted the US’ allegation once again, calling it a…
Source: Currency wars: Beijing says it won’t weaponize yuan in US trade conflict

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