Opinion

Blaming Chinese currency for global imbalance not right: official

(Xinhua)
Updated: 2010-02-25 14:09

BEIJING: It was wrong to blame the foreign exchange rate of the renminbi (RMB), China's currency, for the global economic imbalance, Chinese commerce ministry spokesman Yao Jian said here Thursday.

Related readings:  Yuan appreciation no solution to world trade imbalance  New trade figures could ease yuan pressure

"RMB foreign exchange rate is neither the root of trade imbalance between China and the United States, nor the main cause of the world economic imbalance," Yao told a press conference.

Such an accusation lacked basic judgement, he added.

Yao stressed that maintaining a stable foreign exchange rate of RMB might be a support to stabilize the global financial market.

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