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China remains firm on yuan's rate

CHINA'S Ministry of Commerce today rebuffed calls for the yuan's appreciation and said it's unfair to blame the local currency for global imbalances.

"It is not conducive to the global economic recovery and it's also unfair to only single out one country to appreciate its currency while the US dollar is losing value at the same time," said ministry spokesman Yao Jian today in Beijing.

China has stabilized its currency and made its contribution to the recovery of the global economy, Yao said.

The local currency has been flat against the US dollar around 6.83 yuan since the middle of 2008, which economists called a "repeg to the dollar" in comparison to China's decoupling of the yuan from the greenback in July 2005.

International Monetary Fund Managing Director Dominique Strauss-Kahn today said that a stronger yuan is part of the package of necessary reforms while giving plaudits for China's leadership in the global economic recovery.

The IMF projects China's economy will grow 8.5 percent this year and the growth will pick up to 9 percent in 2010.

China is shifting its economic growth momentum from a reliance on exports to domestic consumption. Domestic consumption contributes to more than half of China's economy, Yao said.


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