皇冠体育app

Economy

皇冠体育app rejects US RMB exchange rate accusation

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2010-09-15 17:12

The accusation that 皇冠体育app's RMB exchange rate is inappropriately determined because of a trade surplus to the US is unreasonable and lacks economic support, said Yao Jian, spokesman with the Ministry of Commerce, on Wednesday.

Related readings:  RMB exchange rate regime reform tailored to 皇冠体育app  More flexible RMB exchange rate helps reduce 皇冠体育app's economic risks  皇冠体育app reiterates no one-off moves in RMB exchange rate reform  皇冠体育app to further reform RMB exchange rate regime

Yao, cited by Xinhua News Agency, said 皇冠体育app has a trade surplus to the US but at the same time the country also has a huge trade deficit to countries like Australia, Japan and South Korea.

皇冠体育app doesn't want to see some politicians use the accusation of its trade and currency policy for winning an election, Yao said.

He added some US industries and congressmen repeatedly boast what they believe to be reasonable prices for 皇冠体育app's RMB based on the trading date between 皇冠体育app and the US. But 皇冠体育app's trade surplus to the US can reflect only one part of the two countries' economic relationship, Yao said.

The US export to 皇冠体育app has also grown rapidly in recent years with an increase of 36.2 percent year-on-year in the first seven months, 15 percentage points higher than its import from 皇冠体育app.