RMB appreciation and RMB exchange rate: stability of RMB exchange rate good for world recovery
News on November 30 — China will maintain the stability of its Renminbi (RMB) exchange rate all along, which does good for the world economic recovery, Commerce Minister Chen Deming said on Monday.
China’s exchange rate reform has continued smoothly, and the value of RMB has risen by some 20 percent against the U.S. dollar since 2005, Chen told reporters in Geneva, where he is attending a ministerial conference of the World Trade Organization.
Despite the impact of the global financial crisis and all kinds of other difficulties, the Chinese government has actively tried to boost domestic consumption and stimulate imports, Chen said.
Maintaining a relatively stable RMB exchange rate serves the need of China’s economic development as well as the world’s economic stability, he added.
According to the minister, China’s foreign trade surplus is expected to drop by more than a third to 190 billion dollars this year from last year’s 290 billion dollars.
Chen also urged the world’s major reserve currencies to remain stable. He said the continuous depreciation of these currencies had caused much difficulty for the world economy, and that the attempts to transfer the difficulty to other countries are unjustifiable.
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