China hits back at criticism of yuan policy
PBoC denies devaluation claims, says other nations are responsible for their declining competitiveness
The People’s Bank of China has defended its exchange rate policy as market-driven after European leaders earlier this year claimed the yuan was undervalued in a way that created problems for the global economy.
Market forces played a “decisive role” in determining the renminbi exchange rate, the central bank said in a statement on October 8, which added that China had “no need or intent to gain competitive advantages through currency devaluation”. The PBoC said it had never acted to devalue the
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