(Sept 19): China won’t devalue its currency in order to make its exports more competitive amid the trade war with the US, Premier Li Keqiang said, hours after his country retaliated against the latest increase in tariffs by the Trump administration.

“Recent fluctuations in the renminbi exchange rate have been seen as an intentional measure, but that isn’t true,” Li said in a keynote speech at the World Economic Forum in Tianjin on Wednesday. “One-way devaluation will do more harm than good to China’s economy. China will by no means stimulate exports by devaluing the yuan.”

The offshore yuan rose 0.15% after the comments, buying 6.8509 per US dollar as of 11.24am in Hong Kong.

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