China has again rejected U.S. demands for a stronger yuan, saying the currency's exchange rate is not a reason for its bilateral trade surplus with the United States.
China's Ministry of Commerce has responded to a letter sent by 130 U.S. lawmakers to the Obama administration. They want their President to get tough with China on the currency issue, and are calling for a strong yuan. China rejects the demand.
Yao Jian, Spokesman of Ministry of Commerce, said, "The trade surplus is not caused by the renminbi (RMB) exchange rate. The trade surplus is an outcome and phenomenon of globalization. It will exist for a time. We hope, in surmounting the crisis and reviving its economy, the United States will be a promoter of free trade, not an obstacle to it."
(CCTV.com March 16, 2010) |