China's Foreign Ministry on Wednesday said the yuan's exchange rate was not the reason for unbalanced trade ties with the United States.
In a Tuesday speech on his trade policy stances, Trump said that if elected, he would direct his treasury secretary to label China a currency manipulator, a move he said "should have been done years ago".
"China-U.S. trade cooperation is the ballast and propeller of bilateral relations. Its essence is mutual benefit. The yuan exchange rate is not the reason for unbalanced China-U.S. trade," Foreign Ministry spokesman Hong Lei said in a statement on the Ministry's website responding to Trump's comments.
"We hope some individuals on the U.S. side can objectively view China-U.S. trade relations, do more to benefit mutual trust and cooperation, and jointly safeguard the healthy and stable development of China-U.S. trade relations," Hong said.
RW note: Even if China was a currency manipulator, it does not make sense for the U.S. to do anything but adopt a path of unilateral open trade. SEE: Why Unilateral Liberalization Makes Sense