China fires back at currency-depreciation claims, denies using weak yuan to boost exports

China's central bank governor, Pan Gongsheng, denied accusations that the country manipulates its currency to gain trade advantages, emphasizing that China has no intention of using a weaker yuan to boost exports. The statement was made ahead of trade talks between China and the United States in Paris next week, where the trade imbalance is expected to be a key topic. The US has previously accused China of unfair trade practices through currency depreciation, even labeling them a currency manipulator in the past. Pan noted that the yuan-dollar exchange rate is currently near its midpoint and the yuan has been strengthening against the dollar since late last year, coinciding with a softening dollar.

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