China criticizes U.S. Treasury official’s yuan remarks as groundless

BEIJING (Reuters) – China’s Foreign Ministry on Tuesday said remarks by a U.S. Treasury official about the yuan’s depreciation were groundless and irresponsible.

China will not use the yuan exchange rate as a tool in the trade dispute with the United States, Foreign Ministry spokesman Lu Kang told reporters in a regular briefing.

On Monday, a senior U.S. Treasury official said the United States remains concerned about China’s recent yuan depreciation and is closely monitoring yuan developments.

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