The comment is Beijing’s first response following US President Donald Trump’s accusation that China is profiting from a weaker currency.
China is determined to preserve the stability of the yuan amid an intensifying trade war with the United States, the country’s top financial officials told a press conference in Beijing on Thursday.
“We will resolutely prevent exchange rate overshooting and ensure that the yuan remains basically stable at a reasonable and balanced level,” said Pan Gongsheng, governor of the People’s Bank of China (PBOC).
