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Nation won't fold on RMB

[ 2010-02-05 10:48]     字号 [] [] []  
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China yesterday urged the United States to "objectively and rationally" consider its renminbi exchange rate while economists said the country is not likely to bow to US pressure to hasten an appreciation of the yuan.

"China does not seek a trade surplus with the US," said Foreign Ministry spokesman Ma Zhaoxu yesterday.

The yuan's exchange rate against the dollar is largely at a reasonable level, he added, and the yuan's value is not a major element in the US trade deficit with China.

US President Barack Obama has vowed to "get much tougher" with China on trade and currency issues to fuel US exports and narrow its trade deficit with China, the world's largest exporter.

With the US promising to sell arms to Taiwan and Obama planning to meet with the Dalai Lama, analysts said the possibility of a speedy yuan appreciation is slim.

What China should consider is its own economic stability, which bears heavily on the global economic recovery, analysts said. China reportedly contributed to about half of the global economic growth last year.

China's stimulus package helped expand the economy by 8.7 percent year-on-year in 2009. Economists said that with the nation's exit strategy implemented, its economy could face the danger of a slowdown, especially in the second half of this year.

Analysts said the market expected the yuan's appreciation to lose momentum due to China's drive to stabilize economic growth this year.

The nation, responding to the US' recent and provocative actions, has announced for the first time unspecified sanctions against US firms involved in the Taiwan arms sale. China said it will also curtail military exchanges with the US and cooperation on a range of global and regional issues.

Analysts said it is unreasonable to accuse China of manipulating its currency and trying to seek a trade surplus with the US.


1. What is the name of the currency in China?

2. What is the name of the foreign ministry spokesman?

3. By what percentage did China expand the economy in 2009?


1. renminbi.

2. Ma Zhaoxu.

3. 8.7 percent.


(中国日报网英语点津 Helen 编辑)

Nation won't fold on RMB

About the broadcaster:

Nation won't fold on RMB

Lee Hannon is Chief Editor at China Daily with 15-years experience in print and broadcast journalism. Born in England, Lee has traveled extensively around the world as a journalist including four years as a senior editor in Los Angeles. He now lives in Beijing and is happy to move to China and join the China Daily team.