Bernanke Dismisses Charges That China Manipulates the Yuan Rate
Yicai Global
/SOURCE : Yicai
Bernanke Dismisses Charges That China Manipulates the Yuan Rate

(Yicai Global) Dec. 3 -- Labeling China a currency manipulator is without merit, former Federal Reserve Chairman Ben Bernanke said in a speech.

In remarks made in a video address prepared for the Caixin Magazine Summit, he said Donald Trump's election as US president sows doubts as to where the new administration will lead the US economy, as Trump has flip-flopped on many issues during his campaign and details of his stances on many policies remain vague.

Although sensible of the crucial importance of Sino-US trade, Bernanke feels the Trans-Pacific Partnership is unlikely to be ratified. Responding to Trump's assertion that China manipulates the yuan rate, he countered that currency manipulation expressly refers to the intentional depression of exchange rates by a nation. He asserted this claim was "inconsistent with China's past actions."

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