China's central bank set the midpoint exchange rate at 7.0211 on Monday, the third consecutive trading day that Beijing has set a rate weaker than 7 to the US dollar. Photo: AFP

China pledges not to devalue yuan exchange rate after US currency manipulator designation

  • The yuan was allowed to weaken beyond the key threshold of 7 to the US dollar last week for the first time in 11 years, drawing an unexpected response from Washington
  • Foreign exchange administration chief calls currency manipulator decision last week by US President Donald Trump ‘a ridiculous case in global finance history’
Topic |   Currency war

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China's central bank set the midpoint exchange rate at 7.0211 on Monday, the third consecutive trading day that Beijing has set a rate weaker than 7 to the US dollar. Photo: AFP
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Zhou Xin

Zhou Xin

Zhou Xin co-leads the political economy team at the Post. He mainly covers economic stories but also writes about Chinese politics and diplomacy. He has previously worked for Reuters and Bloomberg in Beijing.