China Won’t Devalue Yuan for Trade Edge, Central Bank Official Says

China has no intention of weakening its currency to boost export competitiveness, a senior central bank official said Thursday, stressing that the majority of the country’s trade is now shielded from fluctuations in exchange rates.

Zou Lan, deputy governor of the People’s Bank of China, said during a briefing in Beijing that China “acts as a responsible major power” and has no need to manipulate the yuan for trade advantage. He reiterated that the central bank allows market forces to play a decisive role in determining exchange rates and aims to maintain the yuan at a “reasonable and balanced” level.