China rejects yuan complaints, ‘golden week’ travel, Canton Fair

AI Summary

China’s central bank rejected claims that the yuan is undervalued, saying the country does not use competitive currency devaluation to gain trade advantages. The issue is emerging amid tense trade negotiations with Europe, while the article also flags China’s Golden Week travel and Canton Fair.

China’s central bank rejected claims that the yuan is undervalued, rebutting a key European argument amid crunch negotiations ahead of a possible trade war. “China has no need or intent to gain competitive advantages through currency devaluation, nor has it ever resorted to competitive devaluation,” the People’s Bank of China said in a policy paper on Thursday, printed in both Chinese and English (see the full paper on SCMP Plus). “China’s trade growth is driven by its growing industrial...