China rejects claims yuan is undervalued
China rejects claims yuan is undervalued
China has rejected claims that its currency is undervalued, insisting it has neither the need nor the intention to engineer depreciation to gain trade competitiveness, as it defended its exchange rate policy amid growing international scrutiny of global trade imbalances. In a policy statement released on October 8, the People’s Bank of China (PBOC) said the renminbi (RMB), also known as the yuan, operated under a ma...