Ng Han Guan - Pool/Getty Images Chinese Premier Li Keqiang has used an address to a World Economic Forum event to hit back at Donald Trump’s continued claims that Beijing has been manipulating its currency. The Chinese currency has been weakening, helping to keep the nation’s products competitive in the face of the Trump administration’s import tariffs. Li said this was due to market forces but also suggested Beijing would prevent ongoing depreciation, it would “do more harm than good”. The Premier also said he would double or triple penalties for intellectual property theft, making them “unaffordable” for violators. TIANJIN, China — China’s Premier has struck back at claims by US President Donald Trump that Beijing has been engaged in currency manipulation to bolster its competitiveness amid the escalating global trade war. Li Keqiang – China’s second most powerful official – used a keynote speech at a World Economic Forum event in the industrial city of Tianjin to vow not to pursue a policy of currency devaluation to counteract tariff measures imposed by the Trump administration.See the rest of the story at Business InsiderNOW WATCH: Ray Dalio says the economy looks like 1937 and a downturn is coming in about two yearsSee Also:Eerie photos show a neighborhood of abandoned million-dollar McMansionsWe compared McDonald's, Wendy's, and Burger King's signature cheeseburgers, and the winner was unmistakable'Lehman Weekend' heralded more than the global financial crisis — it opened the door for Donald TrumpSEE ALSO: THE BIG ONE: Trump slams China with tariffs on $200 billion worth of goods, taking the trade war to the next level
China's Premier Hits Back At Trump's Attacks On Currency Manipulation, Vowing To Keep The Yuan 'basically Stable'
feedback@businessinsider.com (Paul Colgan), Business Insider
Wed, 09/19/2018 - 12:13am
Topics: lehman weekend ng han guan pool/getty images chinese premier li keqiang trump&rsquo the chinese the premier us president donald trump li keqiang tianjin business insidernow watch ray dalio mcmansionswe mcdonald's wendy's burger king donald trumpsee the big li li keqiang world economic forum donald li beijing tianjin china china&rsquo currency manipulation global ndash event war trade tariffs claims
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