China won't devalue yuan to boost exports, Premier Li says

Chinese Premier Li Keqiang speaks during a meeting with Exxon Mobil chairman and CEO Darren Woods (not pictured) at the Zhongnanhai Leadership Compound in Beijing on September 7, 2018. (Photo by Mark Schiefelbein / POOL / AFP)

BEIJING: China won’t devalue its currency in order to make its exports more competitive amid the trade war with the US, Premier Li Keqiang (pic) said, hours after his country retaliated against the latest increase in tariffs by the Trump administration.

“Recent fluctuations in the renminbi exchange rate have been seen as an intentional measure, but that isn’t true,” Li said in a keynote speech at the World Economic Forum in Tianjin yesterday. “One-way devaluation will do more harm than good to China’s economy. China will by no means stimulate exports by devaluing the yuan.”