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China asks U.S. not to make the yuan a scapegoat for internal problems

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China asks U.S. not to make the yuan a scapegoat for internal problems
General Supervisor

15/10/2010 10:33am 15/10/2010 10:33 am

A spokesman for the Chinese Ministry of Commerce said the United States should not make the yuan a scapegoat for internal problems.

Speaking hours before the United States face a decision about whether to formally describe China as a currency manipulator, Yao Jian, said that it is unfair to criticize the yuan's exchange rate with reference only to the trade surplus to China.

The spokesman said the Chinese told reporters that China is a country act responsibly and will press ahead with currency reform on the basis of their local conditions.

On the other hand, said Zhou Xiaochuan, governor of China's central bank said China would allow the yuan to move within the framework of the current trading ranges.
In an article published in the Journal of Finance issued by the China People's Bank of China (PBOC), Zhu reiterated China's policy in place since a long time to keep the yuan basically stable.



thnx AZ!

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