China's central bank has improved its communication on its exchange rate policy with the market since early this year and has taken measures to deal with the depreciation of its currency the renminbi, said the report.
It noted that core factors that have been supportive of the RMB remain in place, including high savings, a sizeable current account surplus, and GDP growth above the global average.
China's central bank governor Zhou Xiaochuan recently said in Washington that China will continue to enhance exchange rate flexibility while maintaining a relatively stable exchange rate. He added that China will firmly continue market-oriented reforms of its exchange rate mechanism.
C. Fred Bergsten, senior fellow at the Peterson Institute for International Economics, recently said at a forum that China does not manipulate its currency.
He noted that the Chinese economy is still growing at a relatively rapid pace, poses a high savings ratio and has significant amount of foreign reserves. All of these could support a relatively strong RMB, he added.
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