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'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’

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'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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