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Mar1.30 - China Thursday urged the United States to strengthen communications with China on the issue of RMB exchange rate instead of exerting pressure on China.
Foreign Ministry2 spokesman Qin Gang told a routine press conference China has always adopted an independent and highly responsible attitude toward the RMB exchange rate issue. "We maintain a reasonable level of foreign exchange rate, and take a policy that fits with China's economic and social situation,” said Qin, while commenting on a question that two U.S. senators have blamed the low RMB exchange rate for the U.S.'s trade deficit3 with China. China has launched a managed floating exchange rate mechanism4 based on market supply and demand and adjusting with reference to a basket of currencies since July 21, 2005, said Qin. "It is unfair and unreasonable5 to put the blame for the U.S. economic problems entirely6 on China," Qin said. "We can't understand why someone in a country self-claimed of market economy and free trade could impose mandatory7 economy on other countries?" Qin added. He reaffirmed that China will continue the reform of RMB exchange rate mechanism so that the RMB exchange rate will float at a reasonable level. "It is in line with both the interests of China and the world.” said Qin.
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