PBOC: There is no issue of currency manipulation in China

The Chinese central bank, the People’s Bank of China (PBOC), is out with the latest statement responding to the US labeling China as a ‘currency manipulator’.

Opposes US' accusation of currency manipulation.

The accusation is related to unilateralism and protectionism.

Accusation severely harms global rules.

Yuan exchange rate is decided by market supply and demand.

Reiterates that China won't engage in competitive devaluation.

There is no issue of currency manipulation in China.

Will not use the yuan as a tool to deal with trade dispute.