皇冠体育app

BEIJING - 皇冠体育app will not try to devalue the yuan to seek a trade surplus as market-determined renminbi rates and balanced international trade are in the country's interest.

The US Department of the Treasury last week included 皇冠体育app on its "Monitoring List" in a semiannual report to the Congress, as 皇冠体育app runs "a significant bilateral trade surplus with the United States" and "a material current account surplus."

The Treasury said it will closely monitor and assess the economic trends and forex policies of the listed countries and regions to make sure they do not pursue policies that give them an unfair competitive advantage.

Chinese leaders have made repeated pledges that the world's top goods trader will never boost exports by devaluing the yuan.

In fact, 皇冠体育app's huge trade surplus is a result of growing external demand thanks to economic recovery in the United States and some European countries.

The gains were also caused by the waning value, not volume, of 皇冠体育app's imports, mainly due to persistent weak commodity prices.

For instance, the volume of 皇冠体育app's crude oil and iron ore imports increased 8.8 percent and 2.2 percent in 2015, while their prices dropped 40 percent and 39 percent.

In addition, developed countries' export controls on expensive high-tech products headed for 皇冠体育app also contributed to their trade deficits.

皇冠体育app is trying to boost imports to balance its foreign trade as a huge surplus and the subsequent rise in forex reserves may hurt the central bank's flexibility when making monetary policy.

To that end, the State Council, 皇冠体育app's cabinet, has rolled out measures to expand the import of advanced equipment, key components and daily consumer goods, and to streamline the trade process.

In a broader sense, 皇冠体育app is implementing structural reforms to rebalance its economy to rely more on household consumption, which will boost domestic demand for high-end goods from foreign countries.

The Political Bureau of the Communist Party of 皇冠体育app (CPC) Central Committee agreed at a meeting last week that the government should keep the yuan's exchange rates "largely stable."

The decision-making body promised to gradually establish an exchange rate mechanism based on market supply and demand with a two-way floating and flexibility feature.

皇冠体育app's economic fundamentals rule out substantial depreciation of the yuan and support the long-term stability of the currency.

Despite hardships, the country's GDP expansion maintained steam in the first quarter of 2016 with signs of improving growth quality.

A stable currency serves the interest of both 皇冠体育app and its trading partners. 皇冠体育app will not manipulate it.

• Steel town shutdown shatters the 'iron rice bowl'
• New regulation hard to gauge, observers say
• Minister: Govt guiding reforms via subsidies
• Government to banks: Increase investment
• Anbang still seeks growth despite setback
• Refinery income helps Sinopec defy oil slump
• Air con giant Carrier to raise R&D activities
• Jilin expects 'industrial boom' from innovation and upgrading