China hopes that relevant parties view issues related to the RMB exchange rate in a right manner, Foreign Ministry spokesman said on Tuesday, in response to the news that the US is reportedly considering a new exchange rate tactic.
“Firstly, China does not deliberately devalue the RMB in order to gain an export edge. There is no basis for continuous depreciation of the RMB,” said the ministry's spokesperson, Geng Shuang, at the regular press conference.
“Secondly, China will continue to advance the reform of the RMB exchange rate formation regime and keep the RMB exchange rate basically stable at a reasonable and equilibrium level," Geng added. The issue raised concern again after the swearing in of Steven Mnuchin as US treasury secretary on Monday. Mnuchin has labelled China as a currency manipulator.
However, Washington is considering ways to avoid accusing China of currency manipulation, according to a Wall Street Journal report.
Under the plan, the US commerce secretary would designate currency manipulation as an unfair subsidy when employed by any country, instead of singling out China, the newspaper reported.f the new approach is enacted, it would be a softened signal from US President Donald Trump, according to Jin Yong, a professor of international relations studies at the Communication University of China.
Trump has threatened to confront China over its currency during his campaign.
Both sides are likely to reach compromises in currency talks, but Trump may still claim China to be a currency manipulator if talks break down, said Li Haidong, professor of US studies at China Foreign Affairs University.
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