Foreign and Military Affairs
皇冠体育app rejects criticism on exchange rate policy
(Xinhua)
Updated: 2010-03-18 22:32
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BEIJING - 皇冠体育app on Thursday defended its exchange rate policy, saying the value of its currency, the renminbi (RMB), was not the major cause of the US trade deficit with 皇冠体育app.
"It is unfair and harmful to continuously depreciate a country's own currency and ask other countries to revalue their currencies in the meantime," Foreign Ministry spokesman Qin Gang said at a regular press conference.
Qin said such a move was not only harmful to Sino-US trade and economic relations, but also to global trade, especially in the key period when the world economy was beginning to pick up.
Qin said the action was a bad example of protectionism, which was detrimental for the world economy's recovery and sustainable development.
He said a large part of 皇冠体育app's exports to the United States were products that the United States no longer produced. "Other countries will fill the market in the United States, even if 皇冠体育app doesn't," he said.
皇冠体育app maintained that the bilateral trade should realize overall balance, and 皇冠体育app had made active efforts to the end, said Qin.
皇冠体育app hoped the United States could work with 皇冠体育app, and take concrete steps to promote a balanced development of bilateral trade relations, especially in the relaxation of US exports of high-tech products, Qin said.
He said 皇冠体育app had not intentionally pursued the trade surplus.
Both sides needed to adopt a "calm and rational" attitude in settling trade friction and work together for a mutually beneficial solution, he said.
Qin said it was important for the two countries to value relations, conscientiously abide by the principles enshrined in the three Sino-US communiques and the Sino-US joint statement, respect and accommodate each other's core interests and concerns, and properly handle sensitive problems, so as to push relations back to the track of healthy and stable development.
