|S. Rina |||Jan 16, 2017 08:19 PM EST|
(Photo : Getty Images) Former Fed Chief Ben Bernanke said that Trump's assertion that China is deliberately keeping the value of its currency low is not tenable.
Ben Bernanke opined that the President-elect Donald Trump's views on Chinese yuan do not "fit with reality," He rubbished Trump's claim that China manipulates the value of its currency. Bernanke had served as the chief of the Fed between 2006 and 2014.
Speaking at the UBS Wealth Insights conference in Singapore, Bernanke said that Trump's assertion that China is deliberately keeping the value of its currency low is not tenable. He added, "Of course, China right now is working very hard to keep the renminbi from falling. So it's a little bit inconsistent."
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China is currently dealing with the issue of keeping the value of yuan consistent. The currency lost nearly 7 percent of its value last year. Among the various factors affecting the currency's value was the election victory of Trump, who is known for his anti-China stance.
However, Bernanke expressed hope that there will not be any significant change in the relationship between China and the US. He said, "It is a dangerous thing to try to interfere too much with our trade and I'm hopeful that this will be a very cautious process."
Bernanke claimed that there is likely to be only a "little bit of friction" between the two countries.
The former Fed chief also opined that there is uncertainty at the moment as the president-elect has picked people with dissenting views. Bernanke talked about infrastructure spending in the US as well, saying that such spending is not likely to have much impact as the country already has close to full employment.
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