That reportedly hasn't stopped the White House from seeking assurances there'd be no devaluation, but that American pursuit for yuan stability is "superfluous," according to Mizuho Bank Head of Economics and Strategy Vishnu Varathan.
"Fact is, the PBoC is also after a stable CNY," he said, using the three-letter abbreviation for the Chinese yuan (which is also called the renminbi, or RMB).
The world's second-largest economy has been on a drive to open up its financial sector, and has also been pushing for more international use of the yuan. So, it's already in China's interest to maintain currency stability as Beijing opens domestic markets up to international investment, said Tuan Huynh, emerging markets chief investment officer at Deutsche Bank Wealth Management.
"The idea of CNY devaluation as a (mercantilist) strategy is not only outdated, but is also misguided," Varathan said. "Beijing's struggle at the margin is to prevent abrupt and excessive slide in the CNY (brought about by US-China trade risks, which in turn could trigger capital outflows and asset market wobbles)." Editor's note: Varathan included the above parentheses in his emailed comments to CNBC.
"The risk of Beijing engaging in CNY devaluation is an overstated, if not imagined, risk," he said.
Chinese authorities also dismissed such concerns in a press conference on Wednesday, following Bloomberg's report that sources familiar with the trade negotiations said Trump's team is asking China to keep the yuan stable.
"First, China, as a responsible major country, has made clear its position repeatedly that it does not engage in competitive devaluation. Second, we will not use the RMB exchange rate as a tool amid trade disputes," said Chinese Foreign Ministry spokesman Geng Shuang.
He added: "Third, we hope the US can respect law of markets and objective facts, and refrain from politicizing exchange rate issues."
Jameel Ahmad, global head of currency strategy and market research at foreign exchange broker FXTM, echoed that sentiment, saying the idea of a Chinese devaluation is not worthy of attention "in the current day and age."
If anything, he added, a neutral observer would expect Beijing's "preference would be for strength in the Chinese currency, because of the impact this can have on risk appetite and emerging market sentiment."