The government decided to devalue the currency to boost exports.
政府决定让货币贬值以促进出口。
The
devaluation of the pound made British goods more affordable abroad.
英镑贬值使得英国商品在国外更具价格竞争力。
The company's stock price suffered a sharp
devaluation after the financial scandal.
在财务丑闻后，该公司股价大幅贬值。
The country's economy was hit by a series of
devaluations over the past decade.
过去十年中，该国经济受到一系列货币贬值的影响。
The
devaluation of the yuan has raised concerns about a trade war.
人民币贬值引发了对贸易战的担忧。
The government denied that it was planning to devalue the currency.
政府否认了计划让货币贬值的说法。
The
devaluation of the national currency led to an increase in inflation.
国家货币贬值导致了通货膨胀的上升。
The
devaluation was seen as a necessary step to correct economic imbalances.
货币贬值被视为纠正经济不平衡的必要举措。
Investors feared further
devaluation of the currency, leading to capital flight.
投资者担心货币进一步贬值，从而引发资本外逃。
The
devaluation caused the value of savings to decline significantly.
货币贬值导致储蓄的价值显著下降。
However, business environment remains tough because of the ongoing political instability, currency volatility and devaluation in the region, rising oil prices, and downward pressure on margins from relentless competition, said the leader of the airline giant.
Due to extreme weather such as high temperatures, torrential rains and typhoons in South Korea, the average price of cabbage has surged to nearly 10,000 South Korean won ($7.2) per head, as a result of devaluation of the local currency and other reasons, the country's Yonhap News Agency reported.
While Wang estimated that the renminbi will hover around 7.3 against the US dollar at the beginning of 2024, China's central bank will not resort to the devaluation of RMB to boost export or economic growth.
Between the devaluation of the yuan and the "China-focused" monetary policy, the policy choice is already clear as the central bank required financial institutions to lift RRRs for foreign currency deposits in December.
In the first two months of this year, the expectation of appreciation and devaluation appeared alternately, and in March it turned to a depreciation direction.
Under these influences, the debt and refinancing risks in some emerging economies have increased, with an increase in currency devaluation pressures and fluctuations in some financial markets.
China has noticed this so-called renminbi devaluation probes to its countervailing cases.
The cycle of boom and bust will eventually result in high inflation and high real interest rates in the US, possibly with a collapse of US government deficit financing and a devaluation of the dollar.
The yuan was rendered weaker by a strong dollar, thus its devaluation was a passive one, the paper said.
Noting that the department assessed developments over the last few months with China and its currency practices, Treasury Secretary Steven Mnuchin said that "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability".
China has clarified many times that it will not engage in competitive currency devaluation, he said.
"China has never resorted to competitive devaluation," said Sheng, deputy head of Shanghai-based CEIBS Lujiazui Institute of International Finance.
Even when the Chinese economy soured in the third quarter, the country had not resorted to currency devaluation to boost exports and growth and the RMB remained quite stable at that time, he said.
Noting the US Treasury Department assessed developments over the last several months with China and its currency practices, Treasury Secretary Steven Mnuchin said "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability.
Such a situation, if it happens, would be akin to that seen in some emerging markets that have experienced hyperinflation and a sharp devaluation of their currencies, Li said.
China has taken a responsible approach in internationalizing of the renminbi (RMB) or yuan, and it is unfair to accuse the country of competitive devaluation of its national currency, said a member of the Bundesbank, Germany's central bank, here on Wednesday.
IMF report shows a pattern of stability that undercuts US charge against ChinaChina's stance that it did not manipulate its currency is based on solid ground, and the country's firm resolve to refrain from competitive devaluation and to promote the coordination of international currency policy has contributed to global financial stability, officials and analysts said.
"In a statement on Monday, PBOC Governor Yi Gang said: "As a responsible big country, China will abide by the spirit of the G20 Leaders Summit on the exchange-rate issue, adhere to the market-determined exchange-rate system, not engage in competitive devaluation, not use the exchange rate for competitive purposes and not use the exchange rate as a tool to deal with external disturbances such as trade disputes.
"In a statement Monday, PBOC Governor Yi Gang said: "As a responsible big country, China will abide by the spirit of the G20 Leaders Summit on the exchange-rate issue, adhere to the market-determined exchange-rate system, not engage in competitive devaluation, not use the exchange rate for competitive purposes and not use the exchange rate as a tool to deal with external disturbances such as trade disputes.
Yi Gang, the PBOC governor, reiterated in a statement on Monday that China will not pursue a competitive devaluation of the RMB, nor will it use exchange rates as a means for competition or coping with trade disputes.
China on Tuesday voiced strong opposition to the US decision to label it "a currency manipulator," stressing that China has never resorted to competitive devaluation and will not use the currency as a tool to deal with trade disputes.
A large devaluation probably leads to panic capital outflows and competitive currency devaluation of China's trading partners, which will undermine the country's financial stability and hurt imports, Song added.
Refusing competitive devaluation, the country will not resort to exchange rates in handling external uncertainties such as trade disputes, Yi said.
"China … will not make a competitive devaluation of the yuan, nor will it use exchange rates as means for competition or coping with trade disputes," he said.
Wang Youxin, a researcher with the international financial research institute under the Bank of China, regarded the yuan devaluation as a normal response to external changes.
China has made it clear that it will not engage in beggar-thy-neighbor currency devaluation, and will continue to improve the exchange rate formation mechanism of its currency, and keep the exchange rate generally stable on a reasonable and balanced level to promote a stable global economy.
Efforts are needed to avoid a worldwide competitive devaluation of currencies triggered by trade frictions, said Zhou Xiaochuan, former governor of the People's Bank of China, speaking at the two-day Lujiazui Forum, which attracted government, business and academic leaders from home and abroad and ended on Friday in Shanghai.
Zhou said the nonprofit Financial Stability Board, which monitors and makes recommendations about the global financial system, should help avoid such a devaluation, thereby giving a more positive signal to the global financial market.
He said fiscal and central bank regulators of different countries reached an earlier consensus to make joint efforts to avoid competitive devaluation.
The world's exchange rates will confront fluctuations and the entire financial order will be chaotic if every country adopts competitive devaluation," he said.
Competitive devaluation is a series of sudden currency depreciations between two national currencies as a result of tit-for-tat moves to gain an edge in international export markets.
As a responsible major country, China has repeatedly reiterated that it will not engage in competitive currency devaluation and will not use the exchange rate of the yuan as a tool to deal with external disturbances such as trade disputes, Lu added.
The Treasury Department said it places "significant importance" on China adhering to its commitments to refrain from engaging in competitive devaluation, while expressing its concern about the depreciation of the Chinese currency renminbi (RMB).
"We will not engage in competitive devaluation, and will not use the exchange rate as a tool to deal with trade frictions," Yi said in a statement to a meeting of the International Monetary and Financial Committee.
The yuan may face further devaluation pressure in a short term, but will be buoyed up by a basically stable economy and capital inflows following wider opening up of the financial market, according to the analyst.
Hu Yifan, chief China economist at UBS Wealth Management, said the impact of the US tariffs on the stock market would be the devaluation of listed firms.
US President Donald Trump's Monday tweet accusing China of "playing the currency devaluation game" contradicts with the recent conclusion of the US Treasury Department.
"Russia and China are playing the Currency Devaluation game as the US keeps raising interest rates.
In addition, the Treasury Department said it places "significant importance" on China adhering to its G20 commitments to refraining from engaging in competitive devaluation and not to target China's exchange rate for competitive purposes.
Since the end of 2016, expectation of RMB devaluation had largely disappeared, with the real economy running steadily.
China's efforts to balance improving exchange rate flexibility and maintaining exchange rate stability have effectively avoided the negative spillovers from the disorderly adjustment of the RMB exchange rate and the competitive devaluation of major currencies, benefiting the international community, including the United States, the MOC added.
China will refrain from competitive currency devaluation, and while maintaining the basic stability of the RMB against a basket of currencies, the Chinese government will also work to ensure the RMB exchange rate against the US dollar will float in both directions in a more flexible way, the report said.
He said CME's products reflected global macro risks and major market trends, including devaluation of currencies and interest rate hikes, while most onshore products were more specifically aligned to the changes in the Chinese economy.