Beijing has stressed that it does not intend to rely on a weaker yuan for trade gains, amid a recent rally in the currency and mounting pressure from trade partners to allow it to strengthen.<\/p>\n
\u201cChina has neither the need nor the intention to gain competitive advantages in trade through currency depreciation,\u201d said Pan Gongsheng, governor of the central bank, at a press conference<\/a> of the country\u2019s top economic officials on Friday.The comments came ahead of a new round of trade talks between China and the United States in Paris next week<\/a>. China\u2019s massive export machine, a key source of bilateral trade imbalance, is usually high on the agenda of negotiations.The US administration has previously accused China of achieving \u201cunfair\u201d trade advantages through currency depreciation \u2013 a claim that Beijing has long denied. Washington once labelled China a currency manipulator<\/a> during President Donald Trump\u2019s first term.<\/p>\n \u201cAt present, the yuan-dollar exchange rate is around the midpoint of its range in recent years,\u201d Pan said.<\/p>\n The yuan has strengthened steadily against the US dollar since late last year. The PBOC set the yuan\u2019s fixing rate at 6.9025 to the US dollar on Friday, slightly weaker than Thursday\u2019s 6.9007, which was the strongest level in 34 months.<\/p>\n The yuan\u2019s rally coincides with a softening of the dollar, which has faced downward pressure in recent months, driven by policy uncertainty under the Trump administration.<\/p>\n","protected":false},"excerpt":{"rendered":"Beijing has stressed that it does not intend to rely on a weaker yuan for trade gains, amid…\n","protected":false},"author":2,"featured_media":332990,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[2102,72,114,969,113,1813,61,60,5773,28182,1838,55897,115,153315,1519,66080],"class_list":{"0":"post-332989","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-beijing","9":"tag-business","10":"tag-china","11":"tag-donald-trump","12":"tag-economy","13":"tag-europe","14":"tag-ie","15":"tag-ireland","16":"tag-li-qiang","17":"tag-pan-gongsheng","18":"tag-paris","19":"tag-pboc","20":"tag-united-states","21":"tag-us-department-of-the-treasury","22":"tag-washington","23":"tag-yuan"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/332989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=332989"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/332989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/332990"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=332989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=332989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=332989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}