China will not devalue renminbi to spur exports: central bank chief. Why China doesn't have to.

"Let me stress here that we will never use the exchange rate for the purpose of competition, nor will we use the exchange rate to increase China's exports or as a tool in handling trade frictions," said Yi. [Source]

He can say that because China can issue more debt and can lower prices. Besides, Trump and Xi will make a deal before long.