China and the U.S. have been locked up in drawn-out trade disputes since last year.

On Monday, Chinese companies have halted purchases of U.S. farm produce after the U.S. decided to impose additional 10-percent tariffs on 300 billion U.S. dollars worth of Chinese imports, as the U.S. move seriously violated the consensus reached by the two heads of state in Osaka.

NO INTENTION TO DEVALUATE CURRENCY

China has long been committed to keeping the yuan's exchange rate basically stable at a reasonable and balanced level, the central bank said.

The Chinese currency is the strongest among the G20 and is one of the currencies that has seen substantial appreciation.

From the beginning of 2005 to June this year, the currency's nominal exchange rate appreciated 38 percent and real exchange rate strengthened 47 percent.

Last month, the IMF found in its latest annual assessment that the renminbi exchange rate was broadly in line with fundamentals.

From the macro perspective, the yuan's exchange rate is buoyed by the country's sound fundamentals, strong economic resilience, stable fiscal position, controllable financial risks, balanced cross-border capital movement and sufficient foreign exchange reserves.

China has no intention to gain trade advantages by devaluing its currency, as the yuan's depreciation cannot necessarily lift exports, said Song Xiangyan, an analyst with the PBOC.

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