China says its exports hurt by foreign currency devaluations

Beijing

THE devaluation of currencies by some countries has led to sharp gains in the yuan which are hurting the competitiveness of Chinese exports, the commerce ministry said on Tuesday. It did not identify the countries which it said were devaluing currencies, while promising China would keep the yuan at a "basically stable" level.

The effective exchange rate of the yuan climbed 6.4 per cent against a basket of currencies in 2014 and rose another 4.2 per cent in the first three months of this year, it said.