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Attack on China's RMB exchange rate unfair: PBOC adviser


10:52, January 28, 2012

DAVOS, Switzerland, Jan. 27 (Xinhua) -- Attack on China's currency exchange rate is totally unfair, as the renminbi (RMB), also known as yuan, has been continuously appreciating, an adviser to China's central bank said here on Friday.

"RMB exchange rate has probably caused the biggest misunderstanding between China and the world," Li Daokui, a member of the monetary policy committee of the People's Bank of China (PBOC) told Xinhua in an exclusive interview.

"Perceptions about the RMB exchange rate in the international community are absolutely groundless, as the yuan is probably the only emerging economy's currency that has been rising against the U.S. dollar since August last year," said Li.

"Take India's rupee for an example. The currency has declined about 20 percent against the U.S. dollar, while the yuan has been rising continuously, moderately and progressively," Li told Xinhua on the sidelines of the Annual Meeting of World Economic Forum in Davos.

Since the Chinese government embarked on the reform of the RMB exchange rate mechanism in June 2010, the currency has appreciated by more than 7.5 percent against the U.S. dollar, according to the PBOC.

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Leave your comment8 comments

  1. Name

PD User at 2012-02-02114.244.43.*
China should not bent on US trick to appreciate RMB. US want"s dollar to depreciate so it can make US goods cheaper in the world market and make Chinese goods expensive in the world market.
helen at 2012-01-30203.82.92.*
Some CIA new recruits are trying to impersonate me in the posting. So pathetic and all part of US disinformation exercises!
PD User at 2012-01-3091.86.56.*
To:PD User replied at 2012-01-29 14:09:11 PD User you must be a happy man/woman, it will not take long before we fell dead. So just wait maybe you can try to convince Washington that it is a matter of time, so they do not bother to create all those, well... happy tricks.But I am afraid it gonna take a little bit longer then you think. No problem keep on dreaming, dreams are OK.KamHua
PD User at 2012-01-29113.231.247.*
helen - China is already committing suicide. Your polluted air, water and land is killing you. You just have not fallen down yet
PD User at 2012-01-2974.101.24.*
davo is a jews propaganda-machine for jew/israelis interest.

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