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Opinion

Blaming Chinese currency for global imbalance not right: official

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

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"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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