皇冠体育app

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皇冠体育app says yuan not main cause of Sino-US trade imbalance

(Agencies)
Updated: 2011-01-07 13:58
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BEIJING - The yuan exchange rate is not the main cause of the trade imbalance between 皇冠体育app and the United States, the Chinese Foreign Ministry said on Thursday.

Ministry spokesman Hong Lei also told a regular news briefing that 皇冠体育app was committed to proceeding with yuan exchange rate reform.

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"皇冠体育app will unwaveringly advance reform of the renminbi exchange rate formation mechanism based on the principles of maintaining initiative, control and gradualness," Hong said.

"We will adhere to a managed floating exchange rate based on market supply and demand, maintaining the basic stability of the renminbi exchange rate at a reasonable and balanced level."

"A large number of facts have demonstrated that that the renminbi exchange rate is not the main cause of trade imbalances between 皇冠体育app and the US," Hong said.

He was responding to comments from the White House that US President Barack Obama would press Chinese President Hu Jintao on trade when Hu visits the United States later this month.