China dismisses calls for yuan rise
Source: Xinhua |
October 15, 2010, Friday
|
Print Edition
Print Edition
CHINA yesterday reaffirmed its determination to advance reforms in the yuan exchange rate but dismissed calls for the currency's appreciation.
"We are all on the same boat in the age of globalization. It is self-evident the yuan's appreciation is not a cure for the US trade deficit. And nor would it help solve the imbalances in the global economy," said Chinese Foreign Ministry spokesman Ma Zhaoxu, noting that China contributed 50 percent to global economic growth in 2009.
"If the yuan is pressed to appreciate and undermine the Chinese economy, would it be a blessing or a curse for the world?" Ma asked.
The reform of the formation mechanism of exchange rate aims to create a managed floating exchange-rate regime based on market supply and demand and adjusted to a basket of foreign currencies.
"We are all on the same boat in the age of globalization. It is self-evident the yuan's appreciation is not a cure for the US trade deficit. And nor would it help solve the imbalances in the global economy," said Chinese Foreign Ministry spokesman Ma Zhaoxu, noting that China contributed 50 percent to global economic growth in 2009.
"If the yuan is pressed to appreciate and undermine the Chinese economy, would it be a blessing or a curse for the world?" Ma asked.
The reform of the formation mechanism of exchange rate aims to create a managed floating exchange-rate regime based on market supply and demand and adjusted to a basket of foreign currencies.
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