China's exports face growing pressure - trade ministry

BEIJING (Reuters) - The devaluation of currencies by some countries has led to sharp gains in the yuan (CNY=CFXS), China's trade ministry said on Tuesday as it promised to keep the yuan at a "basically stable" level.

The Ministry of Commerce did not identify the countries which it said were devaluing their currencies.

The ministry also said in an online statement that China's economy still faces challenges this year, and that its trade flows, especially exports, are under increased pressure.

(Reporting by Koh Gui Qing and Kevin Yao; Editing by Kim Coghill)