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Foreign Ministry Spokesperson Liu Jianchao's Comments on the U.S. Treasury Department's report concerning China
2006-05-11 00:00

Q: The U.S. Treasury Department's report released yesterday did not enlist China as a currency manipulator. What's your comment?

A: The U.S. Treasury Department has publicized its currency policy report yesterday. The report noted China's efforts in boosting domestic demands, establishing a more thorough and flexible foreign exchange market as well as restructuring financial system. The report didn't classify China as a currency manipulator, which we welcome.

The exchange rate of RMB against US dollars has appreciated by 3.4% aggregately up to May 10 since the forex reform was introduced last year. There has been both falls and rises for the RMB exchange rate. The two-way float and better flexibility of RMB has reflected the changes of the rate of major international currencies, and RMB's market-driven adjustment in reference to a package of currencies.

China is pressing ahead with its economic reform, boosting domestic demands, adjusting the economic structure, and improving the manageable floating forex mechanism in line with the position stressed by President Hu during his visit to the U.S. in April.

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