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People's Daily Online>>China Business

China reiterates stance on exchange rate

(People's Daily Online)

14:26, November 15, 2011

Beijing, Nov.15 (People's Daily Online) -- China on Monday reiterated its stance on the RMB exchange rate, saying that the nation's exchange rate policy is responsible and it will continue to advance the reform steadily.

Foreign Ministry spokesman Liu Weimin made the comment in response to a question regarding US President Barack Obama's recent push on China's currency exchange rate.

"Chinese President Hu Jintao stated that China follows a responsible exchange rate policy, during his meeting with US President Obama at the APEC summit in Hawaii the other day," said Liu.

"Our goal is to establish a managed floating exchange rate regime that is based on the market demand and with reference to a basket of currencies. China will continue to push forward the RMB exchange rate reform steadily."

In addition, Liu claimed that structural problems in the US economy such as the trade deficit and unemployment were not caused by the RMB exchange rate. Even an abrupt RMB appreciation could not solve the problems the US is facing.

He urged the United States to loosen its limitations on high-tech exports to China as soon as possible and facilitate investment by Chinese enterprises in the United States. (Li Zhenyu)

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