China's trade chief says to proceed with RMB reform

11:19, May 22, 2010      

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China will continue to proceed with reform of its currency yuan, or RMB, despite the recent sharp falls of the euro, Chinese Minister of Commerce Chen Deming said here on Friday.

"We know now the euro is in difficulty. We will continue with the direction of the reform of our currency," Chen told reporters after a meeting with European Union (EU) Trade Commissioner Karel De Gucht.

"China will continue to proceed towards the direction of reforming the exchange rate formation mechanism of RMB. This will remain unchanged," he added.

According to Chen, the RMB has appreciated by 15 percent against the euro in recent months and by 7 percent in the past month as the euro dropped dramatically as the Greek debt crisis is spreading in the euro zone, which posed risks to the economic recovery.

A spokesman from the Chinese Ministry of Commerce said earlier this week that the worsening debt crisis in the euro zone and the sharp depreciation of the euro would have negative impact on Chinese exporters.

The EU is currently the largest market for China, accounting for 16 percent of Chinese exports.

Chen said it is important to keep major currencies, including RMB, stable as the economic crisis is not yet over.

"The stability of a country's currency, especially the currency of major economies, is of vital importance. The depreciation or appreciation of a single currency will have a major impact on the world economy," he said.

Source: Xinhua


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