China said Tuesday it has never been a currency manipulator, a designation the U.S. Treasury Department removed earlier, just days before the two countries are expected to sign a "Phase One" trade deal.
"The latest U.S. conclusion is consistent with the truth and the consensus of the international community," Foreign Ministry spokesman Geng Shuang said at a regular press briefing, citing the International Monetary Fund's report last August that said China's currency was fairly valued.
"We will not engage in competitive devaluation of the currency, nor will we use the exchange rate as a tool to deal with external disturbances such as trade disputes," Geng said, adding that China will maintain the basic stability of its currency exchange rate.
After designating China a currency manipulator last August, the U.S. Treasury Department lifted the label on Monday, noting progress by Beijing to address U.S. concerns in the expected trade deal.
In August, the yuan was allowed to fall to its lowest level in 11 years against the dollar, fueling U.S. concerns that Beijing might be deliberately allowing its currency to slide to make its exports more competitive.