China’s central bank rejected claims that the yuan is undervalued, rebutting a key European argument amid crunch negotiations ahead of a possible trade war. “China has no need or intent to gain competitive advantages through currency devaluation, nor has it ever resorted to competitive devaluation,” the People’s Bank of China said in a policy paper on Thursday, printed in both Chinese and English (see the full paper on SCMP Plus). “China’s trade growth is driven by its growing industrial...