China to fine tune its stimulus plan

14:32, March 09, 2010      

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China will carry out reform of the RMB exchange rate in a gradual and controlled manner, and continue to implement the economic stimulus plan, including the reform of the RMB exchange rate, but with some fine-tuning, China's Minister of Commerce Chen Deming said before the second plenary meeting of the Third Session of the 11th National People's Congress March 8.

Chen explained that all of China's current financial policies (including the policy of the RMB exchange rate) were made to stimulate the economy during the global financial crisis. Withdrawal of the stimulus plan does not mean that all of the previous financial policies will be cancelled accordingly. China will continue with these policies, though there will be some fine-tuning.

The RMB exchange rate remained stable over the past year. Chen said that the RMB trend and degree of stability in a time of crisis should be different from that in a time of non-crisis, and the reform of the RMB exchange rate will be progressive and controllable. The U.S. dollar exchange rate against the RMB has been fluctuating around 6.83 within a narrow range since last year. In addition, the Ministry of Commerce has been paying close attention to China's key foreign trade enterprises and observing their reactions to the RMB exchange rate changes in order to gain foresight to ensure a prosperous export market.

By People's Daily Online
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