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People's Daily Online>>Foreign Affairs

Locke: US, China differ on how far and how much RMB should appreciate

By Ye Xin (People's Daily Online)

16:18, April 13, 2012

Gary Locke, U.S. Ambassador to China, shared his views about RMB exchange rate during an online communication with Chinese netizens at the Qiangguo Forum, People’s Daily Online, on the afternoon of April 13, 2012.

People’s Daily Online: The U.S. President Obama said at the APEC meeting that the American people become more and more impatient on the slow appreciation of the RMB. Meanwhile, as the U.S. presidential election is approaching, many economists and media believe that the country’s political arena hypes the issue of the RMB out of political motives. Why cannot the U.S. government seek truth from fact on this issue?

Locke: The view of the United States and the other industrial countries on Chinese currency is well known. We know the RMB has appreciated and we think it needs to appreciated more and faster. We may different on how far and how much. But the consensus of the economists around the world including the Chinese is that the Chinese currency is undervalued.

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