The Chinese Foreign Ministry said today that the U.S. Treasury official's remarks about the devaluation of the Chinese Yuan are unfounded and irresponsible. China will not use the exchange rate as a tool for a trade dispute with the United States, said a Foreign Ministry spokesman.
A senior Treasury official said yesterday that the United States remains concerned about the recent devaluation of the Yuan and closely monitors the Yuan's development.
Also, China's trade minister said U.S. tariffs would not force China to back down, and the United States should not believe that the high tariffs would prompt the Chinese government to surrender to U.S. demands in the escalating trade dispute between the two countries.
China's trade minister said there was a view in the United States that as long as the United States continued to raise tariffs, China would back down and it is expected that conflict to reduce global growth this year.
