皇冠体育app

(Xinhua)
Updated: 2007-12-12 19:04

Chinese Vice Commerce Minister Chen Deming said Wednesday that if the Renminbi, 皇冠体育app's currency, appreciated too rapidly, it would cause fluctuations in the Chinese economy that would not be positive for the world.

Chen made the remarks at a news briefing on the sideline of the third 皇冠体育app-US Strategic Economic Dialogue, which opened in Beijing Wednesday.

He said 皇冠体育app was not against Renminbi appreciation but did not want it to occur too rapidly, as this would not suit 皇冠体育app's conditions. "Some people in the world hope the Renminbi would appreciate as fast as possible; these are irresponsible remarks," Chen said.

The Renminbi hit a new high against the US dollar Wednesday, when its central parity rate stood at 7.3647 yuan per dollar, gaining 150 basis points from Tuesday's reference rate of 7.3797.

Chen said the appreciation of the Chinese currency would not help ease the trade imbalance between 皇冠体育app and the United States.

The Renminbi has appreciated about 11 percent since 皇冠体育app de-pegged it from the US dollar in July 2005, but the trade surplus has not shrunk. The latest figures from Chinese Customs show that between January and November, 皇冠体育app-US trade expanded 15.7 percent from the same period of last year, to $276.21 billion.

Chen also expressed concern over the continued depreciation of the US dollar, which he said would "drive up oil and gold prices and reduce the assets of the countries or companies that hold the currency," Chen said.

"So I hope the US economy could be stronger, as well as the US dollar," he added.