China says stable yuan exchange rate favourable for foreign trade in Q1
This feels like a subtle dig at the US
- Foreign trade was steady in Q1
- Foreign trade faces complex external environment and many uncertainties
The US has been wanting to take China down a notch or two in trade talks via buying more US agricultural goods but also looking to corner China into not weakening its currency. But so far, China is rather adamant that they won't go down the latter route.
And despite all the promises to purchase more US goods, the report earlier shows that Q1 total trade with the US (in yuan terms) is actually down by 11%. I reckon that is something Trump will draw the ire of Trump over the next few days/weeks.