India's merchandise exports have been falling for the past 12 months.
Yuan depreciation is not being used for competitive purposes in trade, says US Treasury Secretary. (Representational Image)
New Delhi: India's commerce minister Nirmala Sitharaman on Friday said Chinese yuan's depreciation is "a worrying development" for the country's exports.
China allowed the biggest fall in the yuan in five months on Thursday, pressuring regional currencies and sending global stock markets tumbling as investors feared it would trigger competitive devaluations.
India's merchandise exports have been falling for the past 12 months.
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( Source : reuters )
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