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China Tells U.S. Not to Politicize Currency Exchange Rates
China would rely on market-oriented forces to determine the renminbi's value
  ·  2019-05-30  ·   Source: Xinhua News Agency

China hopes the United States will respect facts and market laws, and refrain from politicizing the issue of currency exchange rates, a Foreign Ministry spokesperson said on May 29.

"China has repeatedly advised the U.S. to act according to multilateral international rules instead of unilaterally assessing other countries' currency exchange rates," spokesperson Lu Kang said at a daily press briefing.

Lu's comments came after the U.S. Treasury Department said on May 28 that no major trading partner of the U.S., including China, met the standard of currency manipulation, though it put China, Germany, Ireland, Italy, Japan, the Republic of Korea, Malaysia, Singapore and Vietnam on its "monitoring list."

"Whether a country manipulates its currency or not, is not decided by the United States," Lu said, adding that international institutions had authoritative evaluations on the exchanges rates of countries around the world.

China will steadfastly deepen the market-oriented reform of its currency exchange rate, continue to improve the floating exchange rate system based on the market supply and demand and with reference to a basket of currencies, and work to keep the renminbi exchange rate basically stable, reasonable and balanced, Lu said.

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