China does not have any policy to devalue its currency to promote exports, Vice Foreign Minister Zheng Zeguang said on Friday, ahead of President Xi Jinping’s first meeting with U.S. President Donald Trump amid lingering tensions over trade.
In a briefing, he said China does not seek a trade surplus with the United States. This is Xi’s first meeting with Trump, who assumed office January 20, and comes as the two sides face pressing issues, ranging from North Korea and the South China Sea to trade disputes.

Meanwhile, President Donald Trump is predicting “a very difficult” meeting with President Xi, citing trade deficits and lost jobs.

Chinese Foreign Ministry spokesman Lu Kang gave no details of the agenda, but spoke of the need to see the big picture while fostering mutual interests in trade relations. “The market dictates that interests between our two countries are structured so that you will always have me and I will always have you,” he told a regular briefing. “Both sides should work together to make the cake of mutual interest bigger and not simply seek fairer distribution,” he said.

Trump spokesman Sean Spicer said earlier Thursday that the meeting is a chance for the leaders to build a relationship. Relations between the US and China have been uncertain since Trump’s election. Among other things, he has accused China of unfair trade practises and threatened to declare it a currency manipulator.

Source – Reuters/The Star