Yuan exchange rate at balanced level: economist

BEIJING, Nov. 17 (Xinhua) -- The exchange rate of Chinese currency Yuan, or RMB, against the U.S. dollar has reached a balanced level, a celebrated economist said on Saturday.

Wu Jinglian, an octogenarian preeminent Chinese economist, said at a forum that the RMB exchange rate has swung to the balanced level lately after undergoing successful reform and major fluctuations since 2005.

Since China launched the reform of the RMB exchange rate regime in July 2005, the RMB has appreciated by 30% against the U.S. dollar, and its real effective exchange rate has appreciated 29.5%.

Wu's remarks echoed Chinese Premier Wen Jiabao's remarks made at Summer Davos Forum when meeting with business representatives in north China's Tianjin city in September this year. The value of RMB is basically at a balanced level and the RMB even depreciated recently at the Hong Kong NDF market, Wen said then.

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