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And the farmers who John Heisdorffer represents – soybean growers – may have the most to lose if China retaliates against the US agriculture sector.

Analyst Neil Saunders, managing director of GlobalData Retail, said that "while the company is still viable, doing business has become far more challenging and these problems will only increase."

Analysts said Yi's comments may help ease financial market panic as a sharp sell-off on Wall Street shook global equity markets, pulling down Asian and European stocks on Thursday.

Andrew Tilton, chief Asia economist at Goldman Sachs, said China started lifting lockdown measures in Wuhan, Hubei province, last month, when new cases were still surging in many countries.

Analysts said that China did not manipulate its currency. A report, released by the International Monetary Fund on Friday after its annual Article IV consultation with China, which said the yuan's level is in line with the country's economic fundamentals, was also seen as supporting China's objection to being labeled a "currency manipulator".