August 5, 2019 / 12:11 PM / 6 months ago

China will not use yuan as tool to cope with trade disputes: central bank governor

FILE PHOTO: Governor of the People's Bank of China Yi Gang attends a thematic forum of the second Belt and Road Forum for international cooperation in Beijing, China, April 25, 2019. REUTERS/Jason Lee

BEIJING (Reuters) - China will not use its yuan currency as a tool to cope with external disturbances such as trade disputes, its central bank governor, Yi Gang, said on Monday, after the currency breached a key 7-per-dollar level for the first time in more than a decade.

China will not engage in competitive devaluation of the yuan, Yi said in a statement on the website of the People’s Bank of China, adding that authorities would maintain the stability and continuity of foreign exchange management policies.

The yuan exchange rate now is at an appropriate level in line with China’s economic fundamentals and market demand and supply, Yi said, adding the PBOC had the experience and ability to maintain stable operations of the foreign exchange market.

Reporting by Stella Qiu and Ryan Woo; Editing by Clarence Fernandez

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