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China has no need or intention to weaken yuan for trade edge, central bank says
- On Thursday, the PBOC published a position paper rejecting allegations that China deliberately devalues its currency to gain trade advantages, asserting the nation has no need for such practices.
- European Union trade chief Maros Sefcovic is in Beijing for talks as the bloc seeks to address a widening trade imbalance with China that reached €360.6 billion in 2025, up 15 percent from the previous year.
- According to the Bank, exchange rates are market-determined without preset targets, and the yuan has strengthened about 4 percent this year despite widening bond yield gaps between U.S. and Chinese government bonds.
- Attributing domestic industrial competitiveness declines to foreign exchange rates 'amounts to evading and shirking one's own responsibility for making necessary adjustments,' the PBOC claimed, citing inherent flaws in the Global monetary system.
- Starting in 2027, the Bank will report additional foreign exchange-related data to the International Monetary Fund, signaling increased transparency on currency practices amid ongoing trade tensions.
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(Seoul = Yonhap News) Reporter Kwon Sook-hee = China, which has begun trade negotiations with the European Union (EU), has expressed a stance through its central bank defending its yuan policy.
·Seoul, Korea (the Republic of)
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PBOC: China remains committed to letting market play decisive role in determining exchange rate
The People's Bank of China on Thursday stressed in a statement outlining its view on the RMB exchange rate that the country operates a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies.
·Beijing, China
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Coverage Details
Total News Sources27
Leaning Left6Leaning Right5Center3Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 21%
R 36%
Factuality
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