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Trade war

China denies currency devaluation in response to US tariffs

Premier Li Keqiang presses free trade agenda at 'Summer Davos'

Chinese Premier Li Keqiang at the Great Hall of the People in Beijing. (Photo by Kosaku Mimura)

Chinese Premier Li Keqiang on Wednesday said Beijing would not devalue its currency to "stimulate exports" amid the escalating trade war with the U.S., insisting that the country would stick to market-oriented reforms to improve its economy.

"The recent fluctuations in the exchange rate have been seen by some as an international measure on the part of China," Li said in a speech at the World Economic Forum's summer meeting in Tianjin, dubbed the "Summer Davos."

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