China Says It Has No Intention of Depreciating Yuan to Boost Exports

China has no intention of depreciating the yuan to gain a trade advantage, the People’s Bank of China (PBOC) said in a paper released Thursday, amid international scrutiny of the country’s strong exports and growing trade surplus.

The central bank reaffirmed its commitment to a market-based exchange rate, while saying it could use macroprudential tools or intervene in foreign exchange markets under extreme circumstances to curb herd behavior and prevent sharp, disruptive short-term movements.