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17:17, 18-Oct-2018
MOFA: China to advance market-oriented exchange rate reform
Updated
16:30, 21-Oct-2018
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China's Ministry of Foreign Affairs said China will advance the market-oriented exchange rate reform, will not pursue competitive devaluation of yuan and to use its exchange rate as a tool to deal with external issues like trade frictions.
Ministry spokesperson Lu Kang made the remark at Thursday's daily presser in response to US Treasury Department's announcement of not listing China as a currency manipulator.
Lu said the US decision "meets common sense and international community consensus".
"China will continue to pursue market-based exchange rate reform, to improve a managed floating exchange rate mechanism based on market supply and demand and with reference to a currency basket, and maintain the RMB exchange rate basically stable at a reasonable and equilibrium level," Lu said.
Lu also warned that the US should respect market rules and facts, and not politicalize rate issue.
Washington on Wednesday said none of its 12 major trade partners is a currency manipulator but has kept China on its "monitoring list" for concerns over the weakness of China's renminbi.
Other five countries including Germany, India, Japan, South Korea, and Switzerland were also listed.