China rejects Trump's 'champion of currency manipulation' jibe

China on Friday described itself as the "grand champion" of economic development and rejected US President Donald Trump's allegation of currency manipulation to gain unfair trade advantages.

"China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi," Chinese Foreign Ministry spokesman Geng Shuang told the media here refuting Trump's allegation.

Trump, who was strongly critical of China during his campaign, said in an interview that he had not "held back" in his assessment that China manipulates its currency.

Asked repeatedly about how he would respond to Trump's characterisation of China as a "grand champion of currency manipulation", Geng shot back saying "If you must attach the label 'grand champion' to China, then I think China is a grand champion. But we are the grand champions of economic development." He urged the US to "fully and correctly" view the exchange rate issue.