Ren­minbi to re­main sta­ble de­spite de­pre­ci­a­tion

Global Times US Edition - - FRONT PAGE - By Li Qiaoyi and Xie Jun

China won’t use the yuan as a tool to deal with trade con­flicts, cen­tral bank gover­nor Yi Gang said Mon­day, vouch­ing for the na­tion’s per­sis­tence in the mar­ket-ori­ented yuan fol­low­ing the Chi­nese cur­rency’s slide past a key mark.

On Mon­day morn­ing, both on­shore and off­shore yuan weak­ened past 7 against the US dol­lar, a key psy­cho­log­i­cal level the Chi­nese cur­rency hasn’t breached since 2008.

China, as a re­spon­si­ble ma­jor power, will honor its prom­ise re­gard­ing the cur­rency is­sue made at the G20 lead­ers’ sum­mits. The na­tion will stick to a mar­ket-de­ter­mined for­eign ex­change rate sys­tem, Yi said in a post on the web­site of the Peo­ple’s Bank of China (PBC) late Mon­day.

Nei­ther will China re­sort to yuan de­pre­ci­a­tion for com­pet­i­tive pur­poses nor will it use

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