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Chinanews, Beijing, Dec. 13 – Some people hope that Renminbi will appreciate as fast as possible. The allegation is rather irresponsible. Since the beginning of this year, Renminbi has appreciated by 6% in total, which is a rather fast process, said Chen Demin, Vice1 Minister of Commerce, on Wednesday.
By December 12, the central parity2 rate of Renminbi against the US dollar was 7.3647:1, with Renminbi's value rising by more than 11% since China kicked off the exchange rate regime in July 2005. “MOC has never opposed, does not oppose, nor will it oppose Renminbi appreciation3. However, it objects to the kind of appreciation that is too fast, that is against national situation and beyond what we can sustain,” the newly appointed vice minister said. If Renminbi rose too quickly, it would cause fluctuation4 to Chinese national economy. This would be no good to the world economy, either, Chen said. “In fact, today(on Wednesday), the exchange rate of the Yuan against the US dollar is 7.36:1 and this year, Renminbi has appreciated by 6%. I should say the appreciation process is rather quick,” Chen noted5. He criticized some people for expressing the hope that Renminbi will appreciate as quickly as possible, claiming that it is “irresponsible.” In particular, he said, the view that Renminbi appreciation can reduce Sino-US trade surplus is “unscientific according to related economic theories.” “If the US dollar continues to depreciate6, what possible impact will it bring to the world economy – that's a question that concerns me most at present,” Chen noted. As a world currency, the continued depreciation7 of US currency will push up oil prices and reduce the fortune of companies and countries whose assets are measured in the US dollar, he noted. “In light of this, I sincerely hope that US economy can develop well and the US dollar can become a strong currency again in future. This is beneficial to our two countries,” Chen finally noted.
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