China’s central bank says no need or intention to weaken yuan for trade edge

BEIJING (Oct 8): China has no need or intention to use yuan depreciation for a trade competitive advantage and has never engaged in competitive currency devaluation, the central bank said, rejecting criticisms from western trading partners including the European Union (EU). The central bank remarks push back against claims that China keeps its currency undervalued to make its exports cheaper and imported goods pricier, and were issued as the EU’s trade chief Maros Sefcovic was in Beijing to discuss narrowing the bloc’s trade deficit with China. China’s yuan has strengthened about 4% against the US dollar so far this year,…