While the US President Donald Trump during his campaign has vowed to brand China as a currency manipulator once he gets into office, Chinese officials have once again rejected the claim. China’s foreign ministry spokesman Lu Kang rejected the notion that China is engaged in a race to bottom in order to gain advantages in trade with Washington. He said today, “China has never and won’t use a currency war to seek advantage in trade or to raise competitiveness in trade. We have no intention of fighting a currency war. From a long-term perspective this is not beneficial to China.”

However, these comments are unlikely to prevent Mr. Trump from what he plans to do, with regard to China’s alleged manipulation”. Earlier this week, President Donald Trump, not only bashed China but Japan too by saying, “You look at what China’s doing, you look at what Japan has done over the years, they played the money market, they played the devaluation market and we sit there like a bunch of dummies.”

Since Mr. Trump’s protectionist inauguration speech two weeks ago, the global leaders are worried of a trade war erupting between the U.S. and the rest of the world.