Asked repeatedly about how he would respond to Trump s characterisation of China as a “grand champion of currency manipulation”, Geng shot back saying “If you must attach the label ‘grand champion’ to China, then I think China is a grand champion. But we are the grand champions of economic development.”
He urged the US to “fully and correctly” view the exchange rate issue.
The Obama and Trump administrations have been accusing China of manipulating currency to artificially keep it low against the dollar to make the Chinese exports cheaper, resulting in “stealing” of US jobs.
China’s yuan, one of the strongest currencies, was devalued by over 6.6 per cent last year, against the dollar, the highest since 1994 amid steady drop of China’s exports
