Minister: Stable yuan beneficial to the stability of world economy

09:43, January 20, 2010      

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Maintaining the relative stability of Renminbi would help to maintain the stability of the world economy and get it out of the shadow of crisis, said China's Commerce Minister Chen Deming January 19.

After the 8th meeting of the China-India Joint Economic Group, Chen said at a press conference that China's foreign trade sector has been recovering since the beginning of this year. However, it will take a long time for China's foreign trade to go back to the level of 2008.

As to the question concerning Renminbi exchange rate, he said that the appreciation of Renminbi should not be linked with trade, because the appreciation of the currency is closely linked with the supply and demand situation in the market. "Therefore, there must be a progressive and manageable adjustment."

In 2009, China's trade surplus was over 100 billion U.S. dollars less compared with 2008. "In 2010, China will take various measures to increase import and to realize a rough balance of China's international payments."

By People's Daily Online
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