China affirms it will not devalue its currency to boost exports.
(Baonghean.vn) - On September 19, Chinese Premier Li Keqiang emphasized that the country will not engage in competitive devaluation of its currency. This statement was made just hours after China responded to the US decision to impose additional tariffs, albeit at a lighter level, in the escalating trade war between the world's two largest economies.
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| Chinese Premier Li Keqiang. Photo: AP |
Speaking at the World Economic Forum in the port city of Tianjin, China, Li Keqiang did not directly mention the trade dispute, but he affirmed that speculation about Beijing deliberately weakening the yuan was "baseless".
The Chinese Premier stated: “The devaluation of the yuan will only cause more harm than good to China. China will never take the path of weakening the yuan to stimulate exports.”
Li Keqiang stressed that the world's multilateral trading system needs to be maintained, and unilateral trade actions will not solve any problems.
Economic research firm Oxford Economics predicts that China's GDP in 2019 could fall below 6%, and says the prospect of easing tensions in the near future is low.
“However, the likelihood of de-escalation will increase gradually, as the growing economic impact in the US will make President Trump’s team less combative, and Beijing recognizes that it will be difficult for it to integrate more deeply into the global economy without some concessions,” the firm added.
Investors were relieved that the latest tensions were less severe than some market participants had anticipated, with Asian stocks rising on September 19 and the US bond market rising for a fourth straight month./.
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