China determined to ‘resolutely’ keep yuan stable amid US tariff pressure

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China determined to ‘resolutely’ keep yuan stable amid US tariff pressure - SCMP

Quick Summary:

The comment is Beijing’s first response following US President Donald Trump’s accusation that China is profiting from a weaker currency.

Trump has long believed that China was intentionally undervaluing the yuan, with Washington officially labelling Beijing as a currency manipulator during his first term in office.

The Chinese currency has come under mounting pressure recently due to a combination of factors, including the strength of the US dollar and the economic uncertainty unleashed by Trump’s decision to hike tariffs on Chinese goods by 20 per cent.