‘Devaluation of Yuan serious... we will ensure safeguards’

To soothe nerves of various sectors of the Indian industry after China devalued its currency to boost exports Commerce Minister Nirmala Sitharaman on Friday said dumping of cheap imports will not be entertained and safeguard clauses will be invoked if warranted. Faced with sluggish economic growth and dwindling exports, Chinese apex bank on Tuesday decided to devalue its currency, following which yuan has fallen by more than 4 <g data-gr-id="8">per cent</g>. “With <g data-gr-id="9">devaluation</g> of Yuan twice, definitely our exports are going to face greater challenges, the Commerce Ministry is very seized of this matter,” she said.