China pushed back against claims that it manipulates its currency to boost the country’s exports, as Beijing and Brussels spar in trade negotiations.
China’s central bank published a paper Thursday arguing that past experience did not suggest a stronger yuan hurt China’s trade expansion, or that a weaker yuan boosted exports, the South China Morning Post reported, in what one economist said offered “a direct response to accusations of renminbi undervaluation.”
Europe has long charged Beijing with deflating the yuan, by perhaps as much as 30%, and pursuing a policy of industrial overcapacity that harms European industries. China has vowed a “resolute response” if the EU takes collective action to restrict Chinese companies or products.
