China will not devalue renminbi to spur exports: central bank chief


“China has gone to great lengths to support its currency and would not devalue the renminbi to spur exports or combat trade frictions, the governor of the central bank said Sunday.”

USAGOLD note: The chart shows mixed success if the PBoC’s policy has been to support the yuan against the dollar.  Since 2008 the yuan is up about 14.5%.  From the late 2013 high point, it is down 10%. Over the past twelve months of the trade war (second chart), it is down almost 6.5%.  The PBoC, though, might be swimming against the current these days with speculators apparently betting on the dollar in the on-going trade war.

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